Mike Patel Of T2 Hospitality Acquires Plunge Beach Resort In Lauderdale-By-The-Sea For $36.6M

The property involved in this transaction is the Plunge Beach Resort, a hotel asset located at 4640 & 4660 El Mar Drive in Lauderdale by the Sea. The sale price for the asset was $36,600,000. The hotel encompasses a total of 96,241 square feet and consists of 163 keys. The property sits on approximately 0.69 acres of land.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $36,600,000
• Buyer: Mike Patel - T2 Hospitality
• Seller: Oleksandr Naumyk & Liubov Tereshko
• Lender: Bank of America
• Keys: 163
• Price Per Key: $224,540
• Square Footage: 96,241
• Price Per Square Foot: $380
• Market: Lauderdale by the Sea
• Previous Purchase Price: $21,600,000 (acquired in 2013)
• Acquisition Financing: $27,500,000

T2 Hospitality, represented by Mike Patel, has made its inaugural acquisition in South Florida with this transaction. The sellers, Oleksandr Naumyk and Liubov Tereshko, previously purchased the oceanfront property before selling it at a significant increase in value. The financing for this acquisition was sourced from Bank of America.