FORT LAUDERDALE, FL-Fifth Third Bank has sold a hotel in Lauderdale-by-the-Sea at an $8.5-million loss. In 2009, the bank took control over the Villa Caprice Hotel after foreclosing on a $13.74-million mortgage held by Villas of Caprice Developers.
On May 18, Walnut & Vine Properties II, an affiliate of Fifth Third Bank, sold the Villa Caprice Hotel to Lion Caprice, a subsidiary of Miami Beach-based Lion Financial, for $5.2 million. The hotel, situated at 4110 El Mar Drive, contains 24 apartment-style rooms. For the full story, go to South Florida Business Journal .
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