LAUDERDALE BEACHSIDE HOTEL SELLS FOR $17 MILLION

Lauderdale-by-the-Sea, FL – December 17, 2013 – CBRE has arranged the sale of the 147-room Lauderdale Beachside Hotel at 4660 North Ocean Drive in Lauderdale-by-the-Sea, Florida. The property was acquired by Florida Development Group for $17 million. CBRE represented Maria Yip, the Chapter 11 Bankruptcy Trustee for Ocean 4660, LLC.

The property 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. 

 “Having the global resources of CBRE Hotels combined with the distressed asset and bankruptcy experience of CBRE’s restructuring professionals was critical to successfully completing the sale of a complicated asset within the bankruptcy proceeding on a very short timeframe,” said Yip. “CBRE’s efforts clearly helped to maximize the value of the asset for the benefit of the estate’s creditors.” 

 "The demand for beach properties in South Florida is not abating,” added CBRE Hotels’ Christian Charre. “On the contrary, it continues to attract investors from around the world, as demonstrated at the auction for this property, where two out of four bidders were foreign investors. Investor appetite for beach locations in Florida is no longer concentrated to Miami Beach, but has spilled over into Fort Lauderdale and Palm Beach."

Built in 1975, the Lauderdale Beachside Hotel is located on approximately 2.86 acres of coastline in the city of Lauderdale-by-the-Sea, a popular vacation destination just a few minutes north of Downtown Ft. Lauderdale. The property includes two free-standing buildings with 150 feet of beachfront access, and includes amenities such as a restaurant, tiki bar on the sand and a swimming pool.

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.  

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the lodging industry. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 36 offices across the globe. For more information, visit www.cbrehotels.com.

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