13th Floor Investments, in partnership with Key International and Wexford Capital, acquired 0.7 acres across three water-fronting parcels in North Ft. Lauderdale Beach Boulevard in June 2016. Alhambra was an opportunity to develop a 171-key luxury, boutique hotel with ocean-front views. The project was well positioned to compete as a limited-service concept in a high barrier to entry, ocean-facing location. In August 2019, our share of Alhambra was bought out by our partners. 13th Floor retained the rights to a true-up on our equity that resulted in a payment once the asset was sold in February 2022.