Developer El-Ad National Properties has paid $60 million for an oceanfront hotel in Fort Lauderdale, Fla., property records show.

The 99-room Sea Club Resort sits on a 1.2-acre site at 619 North Fort Lauderdale Beach Boulevard, between Belmar and Auramar streets. The 54,982-square-foot building dates back to 1954.

An entity tied to Rachel Levy and Michael Man has owned the resort since 1995, when it paid just under $4 million for it. The entity provided $40 million in seller financing to El-Ad National Properties, a Boca Raton-based division of Israeli billionaire Isaac Tshuva’s El-Ad Group.

The property will likely be redeveloped. Berkadia has been marketing the site as “one of the last remaining oceanfront development sites in the Fort Lauderdale area.”

The land is zoned to house a 541-unit, 246,989-square-foot development up to 200 feet tall, according to Berkadia. An additional 40 feet could be granted if 60 percent of units serve as a hotel, though the Sea Club Resort’s lobby is protected under a preservation agreement with the Broward Trust for Historic Preservation.

El-Ad is an active developer in South Florida. Last year, it nabbed an $85 million construction loan for a mixed-use, 2.8 million-square-foot development in Davie. That same year, it completed the luxury Alina Residences condo development in Boca Raton.

A spokesperson for El-Ad did not respond to a request for comment. The sellers could not be reached for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.