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Former Howard Johnson hotel in Fla. is sold to backup bidder

Chieftain Holdings has acquired a former Howard Johnson hotel in Fort Lauderdale, Fla., for $20 million. The bankruptcy auction for the property was initially won by a Cignal Corp. affiliate with an offer of $22.5 million. However, the affiliate failed to appear at the deal’s closing. Read the American City Business Journals story here.

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