Concord Wilshire and TLG Investment Partners Place the Former Holiday Inn Property in Lauderdale-by-the-Sea Under Contract
Concord Wilshire Capital, LLC ("Concord Wilshire") and TLG Investment Partners, LLC ("TLG") announced today that on February 25, 2019, they signed a purchase and sale agreement to acquire the former Holiday Inn site as well as the former Villa Caprice beach-front site located in Lauderdale-By-The-Sea, Florida. Concord Wilshire is a joint venture partner with TLG, which is headed by Leland C. Pillsbury and Christopher Nieberding.
The former Holiday Inn property located at 4116 El Mar Drive is situated in the heart of Downtown Lauderdale-By-The-Sea, bound by AIA to the West and El Mar Drive to the East. The 183-room hotel, with approximately 96,000 square feet under 5 stories, has been out of service for the past 7 years. The former beach-front Villa Caprice Hotel located at 4108-4110 El Mar Drive, which contains a 24-room, 2-story bungalow-style hotel, has been out of service for approximately 3 years.
"The subject sites will be redeveloped in collaboration with the Town of Lauderdale-By-The-Sea, introducing a state-of-the-art new hotel, branded with a major hotel flag, including popular restaurant concepts and engaging amenities for locals, so as to carry out the Town's vision of the beautification of El Mar Drive," said Nate Sirang, President of Concord Wilshire.
Through an inspired redevelopment plan over the past several years, Lauderdale-By-The-Sea is emerging as one of the most desirable world-class beach destinations within the South Florida market. "The visionary leadership of the Town of Lauderdale-By-The-Sea has sparked the revitalization of one of the most exquisite and charming beaches in the country. We are delighted to be a part of this great community," said Pillsbury.
Lauderdale-By-The-Sea is located along Florida's "Gold Coast" in Broward County, Florida and is situated between the Atlantic Ocean on the east and the Intracoastal Waterway on the west. It is bordered on the south by the City of Fort Lauderdale and on the north by the City of Pompano Beach. Lauderdale-By-The-Sea is 30 miles north of Miami and 33 miles south of Palm Beach.