The 579-room former Marina Marriott is the 24th property in New York City-based Blackstone's LXR group, its 15th in Florida and its third in Fort Lauderdale. Blackstone also acquired Bahia Mar Beach here as part of the Boca Resorts portfolio. Blackstone formed LXR in August 2005 following its acquisition of Wyndham International Inc. At the time, it said it would invest $400 million in the "luxury collection" over the next several years.

The Marriott acquisition was part of a two-property portfolio that also included the Swissotel the Drake in New York, and the aggregate purchase price of the two properties was $586 million. The 25-year-old Marina Marriott suffered significant damage from Hurricane Wilma. The renovation calls for new interiors and the addition of a "signature restaurant," according to John Tolbert, LXR's president of sales and marketing. John Carns, formerly with Cheeca Lodge & Spa in Islamorada and the Ritz Carlton Resort in Naples, has been named manager of the renamed Fort Lauderdale Grand, which includes a 33-slip marina and 20,000 sf of meeting space.

Improvements at the 380-room Pier 66 property include renovation of all guestrooms with particular emphasis on the 100 lanais, renovated lobby space, refurbishment of the 127-slip marina and upgrades of the Pier Top, one of the property's five restaurants. "Knowing the fondness South Floridians have for the Pier Top, we were committed to transforming this landmark space into a one-of-a-kind catering and event experience," says Carlos Molinet, manager.

Instant Insights /

LXR Invests $75M Into Upgrades at Two Properties

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