FORT LAUDERDALE, FL—The Lauderdale Beachside Hotel has a new owner. Florida Development Group acquired the hotel from Maria Yip, the Chapter 11 Bankruptcy Trustee for Ocean 4660, LLC, for $17 million in an all-cash deal.

Located at 660 North Ocean Drive in Lauderdale-by-the-Sea, FL, the 147-room hotel had been previously subject to foreclosure and subsequently filed for bankruptcy protection. The sale was conducted at the direction of Yip pursuant to section 363 of the United States Bankruptcy Code. The new owners are real estate developers from the Ukraine and will keep the hotel open for business.

The Miami-based CBRE Hotels professionals involved in the transaction include Christian Charre, Robert Taylor, Paul Weimer, and Natalie J. Castillo. Ken Pearson and Chris Shamaly, distressed asset and restructuring professionals in CBRE's Dallas office, managed the sales process on behalf of the trustee and worked closely with the trustee's legal counsel, Drew Dilworth of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. in Miami.