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Resort Hotel, Sold for $6.75 Mil, May Convert to Condos

FORT LAUDERDALE, FL-The 116-room Bahia Cabana Resort at 3001 Harbor Drive has been sold for $6.75 million ($58,190 per room) to partners John Day and Patrick Flavin. Part of the four-building complex may be razed for condo development.

By Harold Kelman | Updated on October 19, 2000

FORT LAUDERDALE, FL-The new owners of the Bahia Cabana Resort are no strangers to the lodging business. John Day and Patrick Flavin were partners for six years in the Riviera Hotel along this city’s beachfront.

They sold that property in March for $8 million to Miami’s Terremark Group, which plans a 280-unit condo hotel on the site. Proceeds from that sale were reportedly rolled over for the new purchase in a 1031 tax-deferred exchange.

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