MIAMI—The iconic 346-room W Fort Lauderdale Hotel has traded hands. An affiliate of Related Fund Management, headed by Miami Dolphins owner Stephen Ross, acquired the hotel for $90 million.

CBRE and The Ackman-Ziff Real Estate Group represented the seller. The asset, which features residences and hotel rooms, is located at 401 North Fort Lauderdale Beach Boulevard.

The sale included the hotel portion of the project and 147 of 171 residential units within The Residences at W Fort Lauderdale. The twin 23-story towers stretching along a full oceanfront block in Fort Lauderdale at 3101 North Bayshore Drive.

“This record transaction represents the city's growing caché, as well as the scarcity of beachfront property in one of South Florida's most desirable destinations,” says Robert Given, vice chairman with CBRE. The CBRE sales team representing the seller included Given, Zachary Sackley, and Neal Victor of CBRE's Institutional Properties group, and Robert Taylor of CBRE Hotels.

Built in 2009, W Fort Lauderdale and The Residences at W Fort Lauderdale is a landmark hotel that has received a long list of awards, including being named a Top 100 US Hotel in Condé Nast Traveler's Readers' Choice Awards. Residential units feature nine-foot floor-to-ceiling windows, Atlantic Ocean and Intracoastal Waterway views, and Bang & Olufsen entertainment systems. The towers sit on 4.54 acres of land and offer 20,000 square feet of meeting facilities, 5,500 square feet of outdoor event space, and 15,000 square feet of commercial space.

“Related Fund Management is uniquely qualified to unlock this magnificent property's potential as not just Fort Lauderdale's leading hotel, but as a catalyst for Fort Lauderdale Beach becoming one of the world's preeminent hotel, restaurant and entertainment destinations,” says Robert Kaplan, a principal, Ackman-Ziff. Mark Rutherford and Chris Lentz of Ackman-Ziff worked with Kaplan to represent the seller.