The site of a bankrupt hotel in Fort Lauderdale sold for $10 million.
Fort Lauderdale investor Michael Daniel bought the 102,000-square-foot property at 3001 North Federal Highway for $98 per square foot. The property is occupied by a vacant, 105-room, 45,432-square-foot former Ramada Inn. Bankruptcy trustee Soneet R. Kapila sold the property.
Marcus & Millichap’s Scott Havericak, Joseph P. Thomas, Robert S. Hunter, Adam G. Duncan, Aaron Connor and Tyler B. Carbonelli represented the seller in the deal, according to a release.
The hotel closed earlier this year after it went into bankruptcy. It was last purchased for $2.5 million in 1986.
The building will require an extensive renovation, but Daniel told The Real Deal he is hoping to restore it and operate the property as a hotel. Work on the building is expected to begin in April or May, according to Daniel, who also invests in multifamily properties in South Florida.
The property is zoned B-1 or Boulevard Business, which allows for commercial, hotel or residential uses.
The shuttered hotel sits near Oakland Park on a highly trafficked road which sees about 50,000 vehicles per day, according to the release. Oakland Park has long been regarded as sleepy suburb, but is now starting to see an influx of new restaurants and retailers.
In 2013, Funky Buddha Brewery opened its full-scale production beer-making facility and tap room in a converted warehouse in the heart of Oakland Park’s downtown.