Does LXR Luxury Resorts & Hotels own the Bahia Mar property?
No. The property is owned by the City of Fort Lauderdale. LXR Luxury Resorts & Hotels has a long-term lease that expires in 2062, which is in 53 years. As stated in the lease agreement, LXR Luxury Resorts & Hotels is entitled to develop and/or enhance the property for uses such as hotel, marina, commercial and apartments. In order to support the proposed redevelopments, LXR Luxury Resorts & Hotels is asking for a lease extension of 46 years, which would extend the lease through 2108 so that the new term is 99 years. The City of Fort Lauderdale would receive increased compensation in the initial term, as well as substantial compensation during the extension period.
