4546 El Mar Drive
A company from Ukraine has completed its third and fourth hotel purchases in Lauderdale-by-the-Sea this year.
Florida Development Group paid $8.6 million for the 29-room A Little Inn By the Sea at 4546 El Mar Drive, South Florida Business Journal reported. It acquired the property from Troy, Mich.-based Little Italy Oceanside Investments. The hotel was previously sold for $7.8 million in 2005.
The company also picked up the A Little Inn Too hotel for $4.4 million. That transaction resolved a pending foreclosure action filed by Comerica Bank last year. The 16-room hotel is located at 4560 El Mar Drive.
Florida Development recently won the bankruptcy auction of the Lauderdale Beachside Hotel with a $17 million bid. [South Florida Business Journal] — Eric Kalis
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/D5jD5cK_Qec/
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