Veteran investors have snagged the ground lease for the iconic Bahia Mar Fort Lauderdale Beach resort and marina and are contemplating “significant upgrades” that could see them invest hundreds of millions of dollars in the property.

Sergio Rok and Jimmy Tate led an investment group that purchased the 48-year ground lease from Blackstone Group LP in a complicated deal that closed July 1 after nine months of negotiations and due diligence.