The Real Deal Miami

Ukranian group buys Lauderdale-by-Sea hotels

Florida Development Group pays $13M for two properties

December 31, 2013 09:45AM

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4546 El Mar Drive

4546 El Mar Drive

A company from Ukraine has completed its third and fourth hotel purchases in Lauderdale-by-the-Sea this year.

Florida Development Group paid $8.6 million for the 29-room A Little Inn By the Sea at 4546 El Mar Drive, South Florida Business Journal reported. It acquired the property from Troy, Mich.-based Little Italy Oceanside Investments. The hotel was previously sold for $7.8 million in 2005.

The company also picked up the A Little Inn Too hotel for $4.4 million. That transaction resolved a pending foreclosure action filed by Comerica Bank last year. The 16-room hotel is located at 4560 El Mar Drive.

Florida Development recently won the bankruptcy auction of the Lauderdale Beachside Hotel with a $17 million bid. [South Florida Business Journal]Eric Kalis

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