The Weston-based investment group that bought the former Holiday Inn on Fort Lauderdale beach and developed it into the chic B Ocean Fort Lauderdale resort is expanding its buy-and-renovate business to Miami Beach.
Insite Group and its London-based partner Cube Capital said they purchased the 251-room Continental Oceanfront South Beach Hotel for $61 million in cash. They plan to invest millions more to upgrade the property on Collins Ave. and 18th Street and re-open it late next year.
Plans call for a 3.5 to 4-star resort with rates less expensive than the more upscale Shore Club, Delano or other oceanfront resorts on South Beach – much as B Ocean offers a more affordable option to the Ritz-Carlton and other luxury resorts on Fort Lauderdale beach, said Ronald Tencer, Insite’s vice president of acquisitions and development.
via Hotel investment: South Florida’s Insite Group buys South Beach oceanfront hotel for $61 million.