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Developers put Lauderdale-by-the-Sea sites under contract for beachside hotel project
TLG Investment Partners LLC and Concord Wilshire Capital LLC say they have a contract to buy 2 former hotel properties on El Mar Drive
A South Florida firm and its partner plan to build a new hotel on the sites of two former hotel properties in Lauderdale-by-the-Sea.
Fort Lauderdale-based TLG Investment Partners LLC and Concord Wilshire Capital LLC said they signed a purchase-and-sale agreement to buy a former 183-room Holiday Inn on the 4100 block of El Mar Drive and a nearby property, the former 24-room Villa Caprice Hotel.
The president of Concord Wilshire, Nate Sirang, told the Sun-Sentinel that the developers plan to build a new hotel with a “major flag brand” on the two sites along El Mar Drive in Lauderdale-by-the-Sea.
Sirang also told the newspaper that he expects the deal to close by the end of June.
Marietta, Georgia-based Concord Wilshire develops and acquires residential and resort properties as well as mixed-use developments.
TLG, led by Leland Pillsbury and Christopher Nieberding, invests in recreational, residential and commercial properties. [Sun-Sentinel] – Mike Seemuth