Hospitality

LAUDERDALE-BY-THE-SEA, FLA. — CBRE has arranged the $17 milllion sale of the 147-room Lauderdale Beachside Hotel, located at 4660 N. Ocean Drive in Lauderdale-by-the-Sea, a town north of downtown Fort Lauderdale in Florida’s Broward County. Florida Development Group purchased the hotel, which features two swimming pools, 150 feet of beachfront access, a restaurant and tiki bar on the sand. The Miami-based CBRE Hotels team involved in the transaction include Christian Charre, Robert Taylor, Paul Weimer and Natalie Castillo. Ken Pearson and Chris Shamaly of CBRE’s Dallas office managed the sales process on behalf of Maria Yip, the Chapter 11 Bankruptcy Trustee for Ocean 4660 LLC. The asset was once subject to foreclosure but filed for bankruptcy protection instead. CBRE worked closely with the trustee’s legal counsel, Drew Dilworth of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. in Miami.

ATLANTA — Franklin Street Real Estate Services has arranged the sale of the Ponce DeLeon Hotel, a 58-room, extended-stay hotel at 551 Ponce De Leon Ave. in Atlanta. The hotel is located just east of the new Ponce City Market and is within walking distance to Atlanta’s Midtown, Virginia Highland and Old Fourth Ward neighborhoods. Nazar Properties LLC purchased the 18,500-square-foot asset for an undisclosed amount. Jake Reid of Franklin Street represented the seller, an Atlanta-based family that owned the hotel for 60 years.

MIAMI — Hersha Hospitality Trust, an owner of upscale hotels in gateway markets, has entered into a definitive purchase agreement for two Marriott Autograph Collection hotels in Miami’s South Beach submarket. Hersha will purchase the hotels, which total 145 rooms, for approximately $51 million. The two hotels include the 75-room Blue Moon Hotel and the 70-room Winter Haven Hotel. After closing, Hersha will manage the two hotels, which recently underwent renovations totaling $9 million.