Lender Acquires Bankrupt Fla. Beach Resort For $43M

By Nathan Hale (August 28, 2020, 8:21 PM EDT) -- A Florida bankruptcy judge has approved the sale of a recently built Hollywood, Florida, beach resort's assets to a secured lender for $43 million after no other bidders emerged for the property.

Miami-based U.S. Bankruptcy Judge A. Jay Cristol approved the sale from developer Costa Hollywood Property Owner LLC to 777 North Ocean Drive LLC during a hearing Wednesday, a day after he confirmed the debtor's Chapter 11 liquidation plan, according to court records and the debtor's counsel.

"We are very pleased to have achieved a successful Chapter 11 exit so quickly for the benefit of all stakeholders including the secured...

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