The Real Deal Miami

Tate brothers, Sergio Rok buy Fort Lauderdale resort

Blackstone Group sells Bahia Mar long-term ground lease for undisclosed price
July 24, 2014 10:30AM

Bahia Mar Resort (inset left: Jimmy Tate; inset right: Sergio Rok)

Bahia Mar Resort (inset left: Jimmy Tate; inset right: Sergio Rok)

Major Miami real estate players Jimmy and Kenny Tate and Sergio Rok are part of a group that acquired the Bahia Mar Resort and Marina with plans to upgrade the waterfront Fort Lauderdale site with new retail space, restaurants and condos.

Rialto Capital Management and RCI Marine are also part of the group that purchased a long-term lease for the 39-acre Bahia property for an undisclosed price. Blackstone Group sold the lease to the partnership. Bahia Mar has a 250-slip marina with room for mega-yachts of up to 230 feet and a 297-room DoubleTree by Hilton hotel.

“It’s iconic, it has a great name, great image, great reputation and great brand recognition nationally and, obviously, locally,” Jimmy Tate told the Miami Herald. “However, the asset is very tired and it hasn’t had a lot of capital improvements made over the years.”

The 801 Seabreeze Boulevard site is also the home of the Fort Lauderdale International Boat Show. [Miami Herald]Eric Kalis