FOR FURTHER INFORMATION ON THE FIRM:


Mr. Mark Ellert
1850 SE 17th St. Causeway, Suite 108
Ft. Lauderdale, FL  33316
Tel: (954) 467-4033
Fax: (954) 467-4103
Email: mhellert@iagflorida.com

 

FOR IMMEDIATE RELEASE
October 31, 2005


Fort Lauderdale, Florida (October 31, 2005) –  Mark Ellert, President of IAG Florida, Inc., announced today the sale of the Hutchinson Island Holiday Inn on behalf of its client, an Oklahoma based investment entity.  The sale closed two days after Hurricane Wilma cut across South Florida and Hutchinson Island.  The 180-room hotel has remained closed since incurring extensive damage during the 2004 hurricane season.  The buyer intends to redevelop the property which has 500 ft. of beachfront. “We structured the transaction around challenging zoning conditions, and frankly, were concerned that another hurricane event could intervene. We are certainly pleased to have identified a buyer capable of working around difficult closing conditions,” noted Jim Allmand, who handled the transaction for IAG. Added Ellert, “this is a timely reminder of how important casualty loss and insurance provisions are today in commercial contracts, and how buyers and sellers need to be agile when trying to close under adverse conditions.” IAG Florida is a full service commercial real estate firm based in Fort Lauderdale, Florida.  In addition to its brokerage activities, the firm develops luxury condominiums and condo-hotel projects.

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