Ocean Beach Hotel Assemblage - Fort Lauderdale Beach

Located directly along N Ocean Blvd strategically positioned in the high barrier to entry market on Galt Mile, between Oakland Park and Commercial Boulevards just two blocks from the Atlantic Ocean to the east and two blocks from the popular Intracoastal Waterway to the west.Lee & Associates presents investors the opportunity to acquire a Hotel Portfolio which features two (2) turnkey independent hotels, two (2) buildings totaling ±46,763 SF situated along Ocean Blvd in Fort Lauderdale, FL (‘FLL’). Both parcels are situated within Galt Mile and offer sought-after Ocean Blvd frontage on a rare contiguous site in a high barrier to entry market. The properties offer investors a tremendous value-add opportunity through future land appreciation and redevelopment/repositioning. All operations are turn-key and producing substantial returns. The Properties were originally constructed in 1961 and 1979 and are situated on a combined 1.66 acres of land. The Portfolio features a total of 133 rooms. Extensive interior and exterior renovations over the Portfolio were completed in 2017, including those to the Ocean Beach Palace lobby. Rooms received comprehensive renovations to panels, carpet, headboards, AC, appliances, beds, bathrooms, and amenities, as well as other room repairs and many other upgrades. Interstate 95, approximately 5 miles west of the Property, is the main interstate corridor running north–south on the east coast, running from the Canadian border to the north and terminating in Miami, Florida to the south. Interstate 95 provides service to Boca Raton (approximately 19 miles north), Miami (approximately 37 miles south), and Daytona Beach (approximately 240 miles north). Local area airports include Fort Lauderdale Executive Airport, Fort Lauderdale-Hollywood International Airport, and Miami International Airport. The average daily traffic count at the intersection of East Oakland Park Boulevard and West Oak Park Access Road exceeds 38,000 vehicles per day. Surrounding properties are primarily commercial and retail, with residential uses to the west. There are five bus stops in close proximity. The Portfolio benefits from its close proximity to downtown Fort Lauderdale (approximately 6 miles southwest), which offers many local recreational and entertainment options. Fort Lauderdale is part of the Miami-Port St. Lucie-Fort Lauderdale CSA, which is the 10th largest in the nation. Local demand generators include Port Everglades which is one of the top three cruise ports in the world; Riverwalk Fort Lauderdale which offers a wide array of galleries, museums and eateries; and The Casino at Dania Beach which offers a variety of slot machines, card games, dining options and entertainment. Hugh Taylor Birsch State Park offers a tropical setting with diverse wildlife and there are 23 miles of beaches nearby.