Fort Lauderdale hotel project to head to auction with $39M stalking horse bid
The incomplete Las Olas Ocean Resort on Seabreeze Boulevard in Fort Lauderdale
Magna Hospitality Group would receive $500k break-up fee if outbid in August
The owners of an unfinished hotel in Fort Lauderdale Beach secured a stalking horse bidder for $38.6 million, potentially paving the way for an auction in August.
In January, Bancorp Bank filed a foreclosure suit against 550 Seabreeze Development LLC and JAWOF 515 Seabreeze LLC, alleging default on a mortgage loan with an unpaid principal balance of $36.9 million.
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- Chinese investors vs The Bancorp Bank
- The Bancorp Bank vs 550 Seabreeze Development LLC and JAWOF 515 Seabreeze, LLC
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- Florida
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