In a joint venture with an affiliate of GB Key Biscayne Holdings LLC, the property’s developer, Carey Watermark Investors Inc. and Carey Watermark Investors 2 Inc., have acquired a majority interest in the Ritz-Carlton Key Biscayne, Miami, Carey Watermark announced Monday. A dollar amount for the transaction was not released. The two purchasers are publicly registered, non-traded REITs focused on investing in lodging and lodging-related properties.

Working with GB Key Biscayne Holdings, we were able to recapitalize the asset to allow for ongoing renovations and secure attractive current risk-adjusted returns with the potential for longer-term incremental value.” Michael Medzigian, CEO of the Carey Watermark Investors investment programs, said in a statement. “The combination of a high-quality asset in an unmatched location with the strength of The Ritz-Carlton brand represented a unique and attractive investment opportunity.”