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Ft. Lauderdale, FL

Sitting directly on the Atlantic Ocean, Pelican Grand Beach Resort boasts breathtaking views and instantly surrounds guests with a sense of old Florida grandeur. From elegant beachfront dining at OCEAN2000 to a ride in our lazy river, our 500-foot private beach resort is the perfect setting for families, groups, or a romantic getaway.

​Pelican Grand is home to OCEAN2000 – a favorite restaurant among locals and guests, boasting stunning ocean views, sophisticated seafood classics, and mouth-watering cocktails. For lighter fare, visit the O2K Lounge, and don’t miss a stop at The Emporium—our old-fashioned ice cream parlor.

Meeting services include:

  • Over 7,000 sq. ft. of meeting and event space

  • Complete event planning and execution

  • Unique indoor and outdoor venue options

  • Custom designed catering

  • Audiovisual equipment available

  • 156 room resort-condo hotel

  • Located right on the beach in Fort Lauderdale

  • Five-minute drive to The Strip 

  • Eclectic rooms with flat-screen TVs and vintage bathrooms

  • All rooms have balconies, some with ocean views

  • Includes a waterfront restaurant, cocktail lounge, and ice cream shop

  • Intimate spa with ocean view treatment rooms

  • Large, zero-entry pool with delightful lazy river feature

  • Cardio workouts plus paddleboard rentals

  • Valet parking (for a fee)

  • Wi-Fi included in daily resort charge


Although complicated both legally and financially, URA acquired the Pelican Grand Beach Resort at the height of the global meltdown of the financial markets through the prudent placement of equity and debt and the thorough efforts of the principals and the management team.

Built to current building standards for South Florida and only four years old, the Pelican Grand Beach Resort had many favorable investment attributes: it is one of only three full-service resort hotels in Broward County with a beachfront location and was acquired for a fraction of the $78.8 million price paid, as hotel-condo sales had stalled and the previous owners were unable to satisfy the $42 million of outstanding debt. While it is a trophy asset, it was underperforming from an operations standpoint. Total revenue in 2007 exceeded $15.7 million but generated an NOI of only $400,000. Clearly, the property was not operating efficiently. Although the prior owners were experienced condo-converters, they were inexperienced hotel operators.



The Pelican Grand is a fractured condo-hotel property, and URA acquired the remaining inventory of 99 units, all commercial units, operating licenses, and personal property of the Pelican Grand Beach Resort for a total sum $31.6 million—$320,000 per key, versus over $600,000 per key replacement cost. After a thorough analysis of the asset, inventory, and operating records, cost segregation studies revealed the ability to minimize the real estate tax assessment by allocating $22.4 million, or $226,000 per key, for real property, $4.1 million for the management contract, $2.1 million for personal property, and $885,000 for goodwill. URA acquired the property from the lender concurrent with the lender affecting a deed in lieu of foreclosure with the prior owner. The lender required a hard closing date within 21 days of executing a LOI even though the previous owner provided additional challenges by withholding 2008 operating and financial data from the lender and removing all original records and electronic media from the hard drive and premises.

 URA was able to overcome this data deficiency through operating experience, financial and market analysis, and zero-based budgeting to determine a pricing sensitivity matrix. Additionally, the previous owner sold 57 condominium units to third-party owners and executed rental agreements either through a sale-leaseback or rental program and also failed to deliver written improvements promised at closing to third party owners that further complicated the legal structure of the transaction. All previous below market sale-leaseback and rental program obligations with third-party owners were cancelled, providing a first step in the process of turning around this underperforming asset. However, the cancellation of third-party rental agreements effectively reduced the inventory from 155 keys to 99 keys on the first day of ownership, which introduced a new set of challenges, including accommodating the needs of “overbooked” guests, improving and adjusting operational efficiencies to a 99-key hotel by re-staffing all departments, renegotiating service agreements, and optimizing utility use.

Another component of the turnaround plan includes appealing the real estate taxes from $76 million to the mid-$20 millions. All paperwork and filing fees have been properly and timely submitted to Broward County’s Property Tax Appeal Board, but 2008 hearings remain unscheduled due to ongoing 2007 appeals. Overcoming these challenges and effectively instituting operational efficiencies will increase NOI from $400K to an estimated $3.0M.

Additionally, URA will pursue repositioning opportunities through acquisition of future “foreclosed” units. Two foreclosed units strategically located on the eleventh floor will be acquired from the lender, increasing URA’s total to 101 keys. These two end-cap units are 774 square feet in size, equipped with full kitchens, and service the adjacent terrace/piazza area used extensively for wedding and banquet space. URA has also redrafted the rental agreement by offering terms to third party owners consistent with the current market and operating conditions with an effective split after fixed charges of approximately 55% of gross revenue to the unit owner versus the 78% of gross revenue to the unit owner after fixed charges that prior ownership paid out in operating costs. Other operational strategies include instituting oceanfront income-producing resort amenities such as beach rentals, concessions, and a tiki bar. Upon stabilization of the property, URA may pursue the acquisition of the Sun Tower, an adjacent property consisting of a 22-room budget hotel which would provide an opportunity to close the entry street to both properties through a “vacating a right of way” application with the City Clerks and Engineering Offices, effectively increasing the properties’ size and density.

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