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.