Search
 

Ukraine Investor Grabs Hotel Out of Foreclosure

FORT LAUDERDALE, FL—CBRE's Christian Charre says the deal shows that investor appetite for beach locations in Florida is no longer concentrated to Miami Beach.

By Jennifer LeClaire | Updated on December 17, 2013

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.  

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.