FORT LAUDERDALE-Locally-based Chieftain Holdings has acquired the former Howard Johnson beachfront hotel here for $20 million in a bankruptcy auction.
The firm, controlled by developer Dev Motwani, was the backup bidder for the property, according to court documents, but was able to close the deal when an affiliate of Cignal Corp of Timonium, MD, which had won the auction, failed to appear at a March 27th closing on the property.
The former owner of the property— Transacta Prive Development—had planned to build a 20-story condo tower at the site. See story in the South Florida Business Journal.
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