A beachside hotel building near the entrance of Lauderdale-by-the-Sea is in for a big comeback after sitting dormant for seven years.
The five-story, 183-room hotel building — once home to a Holiday Inn — is being bought by developers who plan to add a “state-of-the-art hotel.”
The deal is among a growing lineup of new properties across Broward County, as many beachside communities add new tourist and business hotels to beef up their commercial centers.
A joint venture of Concord Wilshire Capital LLC and TLG Investment Partners LLC said Tuesday they signed a purchase-and-sale agreement to acquire the now-idle site along with the former Villa Caprice beachfront site nearby. The prices were not disclosed.
The former Holiday Inn is in the 4100 block of El Mar Drive, bound by State Road A1A to the west and El Mar Drive to the east.
There’s also a second property, the former beachfront Villa Caprice Hotel, a 24-room, two-story bungalow-style hotel, across the street on El Mar Drive. It’s been out of service for nearly three years.
Nate Sirang, president of Concord Wilshire, said the two sites “will be redeveloped in collaboration with the town of Lauderdale-by-the-Sea.” He said the developers intend to create a modern new hotel “with a major flag brand” and “popular restaurant concepts.”
He did not identify the brand or the concepts, and said there are no specific plans on the drawing board yet.
Sirang said the deal is expected to close in 120 days.
Who’s behind the upgrades?
Concord Wilshire, based in Marietta, Ga., develops and acquires residential, resort and mixed-use real estate properties across the U.S., including Las Vegas, Phoenix, and South and Central Florida.
TLG is a Fort Lauderdale-based real estate investment firm headed by Leland Pillsbury and Christopher Nieberding. They invest in recreation, residential and commercial properties.
The Lauderdale-by-the-Sea acquisitions come at an opportune time for the town and for the broader Broward County marketplace, as new hotels are cropping up all over the county, especially in Fort Lauderdale, Pompano Beach, Dania Beach and Hollywood.
Lauderdale-by-the-Sea spent millions overhauling its east-west business district from the Intracoastal Waterway to the beach on East Commercial Boulevard, making it more friendly to pedestrians and bicyclists.
The town widened sidewalks, upgraded bus stops, improved traffic flows to and from businesses and created safer crosswalks for pedestrians to change sides of the boulevard. And the town emerged as a popular venue for Friday nights out, with live bands playing at the epicenter of its downtown on Commercial Boulevard east of A1A.
Other new hotels across region
Elsewhere around the county, a new Hampton Inn opened for business on U.S. 1 in Pompano Beach.
In Dania Beach, the 143-room Morrison Hotel, 104-room Comfort Suites Downtown Dania and 142-room Wyndham Garde were among those opening inside the last two years.
The Dalmar Hotel and Fairfield Inn were completed in downtown Fort Lauderdale last year, the first new hotels to be delivered since 2012, according to the city’s Downtown Development Authority.
Two Marriott hotels are rising at the Dania Pointe commercial project east of I-95 and south of Fort Lauderdale-Hollywood International Airport.