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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.  

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