Investment Group Buys All-Male Fort Lauderdale Resort
A group led by a North Miami-based real estate investor paid $10.5 million for an all-male Fort Lauderdale resort.
An entity managed by Lior Raviv and four partners bought The Grand Resort & Spa at 539 North Birch Road, just steps from Fort Lauderdale Beach, according to records. The deal breaks down to $318,182 per key for the 33-unit boutique property completed in 1969.
Raviv is a North Miami-based entrepreneur whose company, Raviv Capital, has more than $50 million in commercial real estate investments, according to an online bio.
The seller, an entity managed by Casey Karl Koslowski, a principal of Miami-based CKK Real Estate, paid $2.9 million for the property in 2001. Koslowski is a luxury real estate broker in the Miami and Fort Lauderdale markets, according to CKK’s website.
The Grand Resort & Spa is Fort Lauderdale’s first gay resort with a full-service day spa, according to the property’s website. The resort has regular hotel rooms, as well as one- and two-bedroom suites with kitchens, dining areas and living rooms, the website states. Prices range from $129 a night to $359 a night. There is also a grand penthouse with a hot tub and outdoor shower starting at $439 a night, the website states.
Fort Lauderdale Beach is a booming submarket in Broward County. In April, Fort Lauderdale city commissioners approved a 100-year lease for the city-owned Bahia Mar property that will allow developers Jimmy and Kenny Tate to build 350 condos and 88,000 square feet of commercial space at 801 Seabreeze Boulevard. The Tates are also planning to replace the DoubleTree Hotel on the site with a new hotel.
Also last month, Bethesda, Maryland-based DiamondRock Hospitality paid $19 million for the Kimpton Goodland Fort Lauderdale Beach at 2900 Riomar Street and the adjoining parking garage and amenity deck at 401 North Birch Road.
In February, Utah-based Dynamic City Capital bought the recently completed AC Hotel by Marriott at 3029 Alhambra Street for $74.3 million.