Stalled Hilton project set for auction - South Florida Business Journal

Stalled Hilton project set for auction - South Florida Business Journal: "The site of a stalled Hilton Hotel project along the ocean in Pompano Beach is headed for auction after its owner lost a $31.6 million foreclosure judgment.

CS Pompano, an affiliate of Chevy Chase, Md.-based Capital Source Finance, won the judgment against Ocean Land Financing based on a $24.1 million mortgage, plus interest and fees.

The 5.9-acre site, at 1333 and 1350 S. Ocean Drive (A1A), is set for online auction on Nov. 18.

Ocean Land bought the site for $28.5 million in 2007 and tore down a Ramada Inn the following year in preparation for a Hilton. The project’s second phase was an unnamed 317-room hotel with a 910-space parking garage along the Intracoastal Waterway. However, it did not move forward.

Ocean Land has built major South Florida projects, such as the Trump Hollywood and Aquazul"

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