The Real Deal Miami

Canadian investor buys 3rd small hotel in Lauderdale-By-The-Sea

The 17-unit Sea Garden Resort on North Ocean Drive sold for $3 million
August 12, 2017 11:15AM

The Sea Garden Resort at 4625 North Ocean Drive in Lauderdale-By-The-Sea

A Canadian investor acquired his third small hotel in Lauderdale-By-The-Sea, the 17-unit Sea Garden Resort, for about $176,000 per unit.

Led by Terry Pomerantz, Quebec-based Sea Garden By The Sea Inc. acquired the hotel at 4625 North Ocean Drive and property next door for about $3 million.

Rick Tobin, the owner and broker at Premier Hotel Realty in Pompano Beach, represented the seller, Ginomar Inc.

Tobin told the Sun-Sentinel that the sale price included $2.03 million for the hotel and $500,000 for the adjacent two-room property. Furniture, fixtures and other assets accounted for the balance of the $3 million purchase price.

The Sea Garden Resort, built in 1958, last sold in 1995 for $527,000, according to property records. The hotel has efficiency units with kitchenettes, one-bedroom suites and cottage units.

Other companies linked to Pomerantz have acquired two lodging properties on North Ocean Drive in Lauderdale-By-The-Sea since 2015.

The Pomerantz companies paid $3.6 million in 2016 for a hotel at 4220 and 4208 North Ocean Drive, called Blue Strawberry By The Sea, and $1.5 million in 2015 for the Castle by the Sea Motel at 4250 North Ocean Drive. [Sun-Sentinel]Mike Seemuth