Birmingham, Mich.-based Accelerated Assets, a financier of timeshare properties and buyer of distressed real estate, spent $32 million last week to acquire the remaining 137 rooms available in the 176-key Lake Eve Resort on S. International Drive. The property is now likely to fully transition in ownership to Boca Raton-based Bluegreen Corporationin the future.
Located at 12388 S. International Dr., the Lake Eve Resort lies directly east of Bluegreen Vacations' expansive The Fountains timeshare property, which covers more than 40 acres.
Built in 2009, the 14-story Lake Eve Resort building has slowly become integrated with Bluegreen's The Fountains in recent years.
Bluegreen Vacations Unlimited Inc. has been buying up tranches of rooms at the Lake Eve Resort from Philadelphia-based owner The Arden Groupand converting them to timeshares. Five transactions between October 2013 and early May of this year have totaled an estimated $18.87 million spent on 39 units in the building, based on deeds filed with Orange County.
Carrying on that phased acquisition should be easy for Bluegreen, as it has a history of buying hotel rooms from Accelerated Assets and converting them into timeshares. It bought units in Chicago's the Wyndham Blake hotel beginning in 2013 from Accelerated Assets, after Accelerated took over the property following a loan default by developer Robert Falor.
Bluegreen Vacations has been managing the property as a whole, and has been marketing it as Bluegreen Vacations Lake Eve.
The Arden Group previously bought the hotel property in September 2012 for $21.5 million, a sale forced by banks that lent to previous owner KA and KM Development (Vinod Kalidas and family), which failed to sell the 176 units as vacation condos during development.
Calls for comment to Accelerated Assets, Arden Group and Bluegreen were not returned late on Tuesday.