WESTON, FL /PRNewswire/ -- A joint venture between Weston, Florida-based InSite Group and affiliates of Washington, DC-based The Carlyle Group has acquired the 243-room Continental Bayside Hotel (top left photo) in Downtown Miami. The hotel is situated on Biscayne Boulevard across from the Port of Miami, Bayside Shops and Restaurants, and the American Airlines Arena (home of the NBA's Miami Heat). The surrounding area contains more than 16 million square feet of office space, state and federal court houses, and multiple world-class cultural and arts venues.
"This acquisition presented the opportunity for us to acquire an underutilized hotel within the highly sought-after downtown Miami market," said Ben Shmul, President and CEO of InSite Group. "We are excited about the repositioning and look forward to enhancing the property's long-term value."
The hotel is scheduled to undergo a full renovation and repositioning, re-launching in Q4 2012. The renovation plans include upgrades to guestrooms, public spaces and the hotel's façade. A new food and beverage concept will re-energize the lobby and the hotel, providing new venues in the pedestrian-friendly Biscayne Boulevard and Bayside area. The hotel will continue to operate during the phased renovation with minimal impact on guests.
"This marks our seventh hotel investment in the Miami/Fort Lauderdale area," said Thad Paul (lower right photo) Principal of The Carlyle Group. "We continue to be impressed with the performance of the lodging market there, with strong demand from the metro's 17,000 new jobs, international travel and business, and the ports."
CONTACT: Mina Doblmeier, +1-954-358-6800 x 121, for InSite Group
No comments:
Post a Comment