A joint venture between Weston, Florida-based InSite Group and London-based Cube Capital has acquired the 251-room Continental Oceanfront South Beach Hotel for $61,000,000. Plans for the property – located at 18th Street and Collins Avenue in Miami Beach, Florida – include an extensive renovation and repositioning.
“This location is arguably one of the most sought-after in the United States,” said Ben Shmul, President and CEO of InSite Group. “We are excited about the opportunity to acquire an underutilized hotel with significant potential for repositioning and look forward to turning around and enhancing the property’s long-term value.”
The Continental Oceanfront South Beach Hotel will continue to operate under its current name until the renovation and repositioning is complete. The renovated hotel is expected to re-launch by Q4 2012.
InSite Group and Cube Capital also own the newly opened B Ocean Fort Lauderdale on the famed Fort Lauderdale Beach.
About InSite Group
InSite Group is a privately owned boutique real estate development and investment firm specializing in the development and repositioning of opportunistic, distressed and value-added hospitality, residential and mixed-use properties. InSite Group owns hospitality, residential and mixed-use properties, as well as developments sites in high-profile premier locations.
About Cube Capital
Cube Capital is an independent alternative investment management firm with over US $1 billion in assets under management. The company has offices in London, Hong Kong, Shanghai, Beijing, Moscow and Kiev. Its activities are spread across three main platforms: multi-manager hedge funds, single-strategy hedge funds and real estate private equity. Cube Capital has invested in property assets totalling more than US $400 million in the United States, Asia and countries of the former Soviet Union.