Florida Development Group, Inc. wins bid for Lauderdale Beachside Hotel for $17M; Sale Closes December 16

December 16, 2013 Posted in Firm News

Today, the owners of Lauderdale Beachside Hotel in Lauderdale-by-the-Sea closed the sale of the waterfront hotel to Florida Development Group, Inc. for $17 million—all cash. The sale was approved by the Bankruptcy Court on Dec. 3, 2013. Florida Development Group, Inc. won the bid for the property at a bankruptcy auction conducted the same day outbidding three other bidders. Maria Yip served as the bankruptcy trustee for the original owner.

Linda Worton Jackson, who represented the buyers in the sale, commented that “this sale will significantly help to revitalize the area and serve as a catalyst to make Lauderdale-by-the-Sea a real destination.  The new owners are planning a major renovation of the hotel.”    Jackson is Cofounder of the Miami-based law firm Salazar Jackson.

The property, located at 4660 N. Ocean Drive, consists of 147 rooms. Jackson also said that “Florida Development Group, Inc. owns the hotel next door, Captain’s Quarters, and is committed to the area.”   Many of the hotels near Lauderdale Beachside Hotel are undergoing renovations as well.

The new owners are real estate developers from the Ukraine and will keep the Hotel open for business.  Comerica Bank tried to foreclose on the property in 2011, but the hotel owner filed for Chapter 11 bankruptcy in June to prevent a fire sale.

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