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The Related Cos. looking to reap $275M from sale of Fla. beachfront condo-hotel

The Related Cos. is hoping to reap roughly $275 million from the sale of a 346-room beachfront condo-hotel at 401 North Fort Lauderdale Beach Blvd. in Fort Lauderdale, Fla., The Real Deal reported.

The property is being marketed by JLL. Both the seller and the agent were not immediately available to comment on the report, the publication noted.

The diversified real estate company purchased the W Fort Lauderdale from the Y Group for $90 million in 2009, and the property subsequently underwent a $55 million renovation.

The Real Deal noted that at least three major hotels in the area, including the W Fort Lauderdale, are up for sale, with private equity firms including Rockbridge Capital and Goldman Sachs reportedly interested in buying.