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El-Ad National Properties buys Fort Lauderdale oceanfront hotel for $60M
The 99-room Sea Club Resort sits on a 1.2-acre site and is being acquired with $40 million in seller financing, with redevelopment likely.
El-Ad National Properties has agreed to buy the Sea Club Resort, an oceanfront hotel in Fort Lauderdale, Florida, for $60 million, according to Commercial Observer citing property records.
The 99-room resort is located at 619 North Fort Lauderdale Beach Boulevard on a 1.2-acre site. The property includes a 54,982-square-foot building built in 1954, and an entity tied to Rachel Levy and Michael Man owned it since 1995, when it paid just under $4 million.
Commercial Observer reports that El-Ad will likely redevelop the site. The land is zoned for a 541-unit, 246,989-square-foot development up to 200 feet tall, and an additional 40 feet could be granted if 60 percent of the units serve as a hotel, though the resort’s lobby is protected under a preservation agreement with the Broward Trust for Historic Preservation.
The outlet also notes that the deal includes $40 million in seller financing provided to El-Ad National Properties. Berkadia has marketed the site as one of the last remaining oceanfront development locations in the Fort Lauderdale area, and the article says El-Ad has previously pursued major South Florida development projects.