A Lauderdale-by-the-Sea hotel changed hands for $17 million through a bankruptcy court auction.
Florida Development Group closed on the purchase of the 147-room Lauderdale Beachside Hotel at 4660 North Ocean Drive, South Florida Business Journal reported. The company is led by Ukranian developers who own an adjacent hotel. They plan to continue operating Lauderdale Beachside as a hotel.
The seller, Ocean 4660, had filed a Chapter 11 petition in June to stave off a foreclosure lawsuit from Comerica Bank. It had obtained an $11.9 million mortgage secured by the hotel.
Salazar Jackson partner Linda Worton Jackson represented Florida Development in the acquisition. Maria Yip served as the bankruptcy trustee. [South Florida Business Journal] — Eric Kalis