The Sun Sentinel reports that a foreign investment group has paid $17 million for the Lauderdale Beachside Hotel. The buyer, Florida Development Group, a team of real estate developers from the Ukraine, says it will renovate the rundown property in Lauderdale-by-the-Sea, Fla.
The hotel has 147 rooms and was a former Howard Johnson. It was bought in a bankruptcy auction. Comerica Bank moved to foreclose in 2011, but the owner filed for Chapter 11 bankruptcy protection to stop the repossession.
Florida Development also owns the hotel next door, Captain's Quarters.
Lauderdale Beachside, built in 1975, sits on about three acres at 4660 N. Ocean Drive. CBRE represented bankruptcy trustee Maria Yip.
CBRE's Christian Charre said in a statement that two of the four bidders at the auction 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," Charre said.