FORT LAUDERDALE, FL—The former Trump International Hotel and Tower Fort Lauderdale has a  new owner. CFLB Partnership, LLC acquired the asset from 551 North FLB Marketing, LLC for $115 million.

Located at 551 N. Fort Lauderdale Beach Boulevard, the 24-story oceanfront property spans 490,595 square feet. The tower met with trouble in 2009 when a federal class action suit claimed buyers were misled about buying into the Trump brand.

Originally developed in partnership with Roy Stillman of New York's Bayrock Merrimac LLC and Donald Trump, the hotel sat empty and unfinished on AIA after it defaulted on a $139 million loan. Trump cut all ties with the asset in Nov. 2010. It sold in a foreclosure auction in March 2012. Now, CFLP is taking a new approach.

“We are excited to rebrand this property as the new Conrad Fort Lauderdale Beach Residences and officially begin sales for studio, one-, two-, three- or four-bedroom residences,” says Peggy Olin Fucci, president and CEO of One World Properties. One World is handling sales and marketing of the property's residences.

“The property is undergoing more than $30 million in enhancements and luxury upgrades—and with listings at approximately 40% less than the original pre-2009 prices, condominium resort and hotel residences at the Conrad Fort Lauderdale Beach Residences offer outstanding value compared to beachfront condominiums for sale in Miami.”