The W Fort Lauderdale Hotel Residences is for sale, three years after the $430 million condominium-hotel was built.
Real estate firm CBRE has emailed brokers a flyer marketing the two-building property on Fort Lauderdale beach. It features 346 hotel rooms and 171 condo-hotels, only 23 of which have sold since the project opened in 2009.
The hotel and condos are being sold separately or as a package. The project is owned by a South Florida group headed by John Yanopoulos. He could not be reached for comment this week.
While the region’s condo market is recuperating, the condo-hotel sector has cooled after peaking toward the end of the housing boom in 2005, analysts say.
Last December, MMD Realty announced that it was selling the condo-hotels at the W Fort Lauderdale, with prices ranging from about $500,000 to more than $1 million. Former Miami Dolphins quarterback Dan Marino, an MMD investor, attended a launch party at the site.
But MMD founder Michelle Farber Ross said this week her firm no longer is selling at the W Fort Lauderdale.
The project probably wouldn’t be for sale in bulk if there was a better market for condo-hotels, said Peter Zalewski, a principal at CondoVultures, a consulting firm.
“This is the time to double down,” Zalewski said, noting the upcoming tourist season and the general optimism for real estate. “Condo-hotels are the exception to the overall improving South Florida condo market.”