Michigan-based North Pointe Investments acquired the 186-room Lauderdale-by-the-Sea hotel at a steep discount in a bank sale, the South Florida Business Journal reported.
In 2009, Fifth Third Bank foreclosed on the $12.42 million mortgage VCH Properties took out when it bought the hotel for $15 million in 2007. North Pointe recently acquired it for $4.5 million.
North Pointe is managed by Remo Polselli who also is the gauarantor on the $11.85 million mortgage on the Lauderdale Beachside Hotel, the Journal noted.
Lauderdale-by-the-sea is located at 4116 North Ocean Drive in Fort Lauderdale. [SFBJ]