InSite Group and Cube Capital Acquire the Royal Plaza Hotel Located in the Walt Disney World® Resort
Renovation and Repositioning Initiatives Expected to Commence Soon
WESTON, Fla., Jan. 17, 2012 /PRNewswire/ -- A joint venture between Weston, Florida-based InSite Group and London-based Cube Capital has acquired the 394-room Royal Plaza Hotel. Plans for the hotel - located in Lake Buena Vista, Fla. nearby the Downtown Disney® area of Walt Disney World Resort - include a renovation and repositioning.
"The location of the hotel within walking distance of the Downtown Disney area, one of Walt Disney World Resort's most sought-after visitor entertainment destinations, makes it a great opportunity for us," said Ben Shmul, President and CEO of InSite Group. "It's a good hotel now. When we have completed the planned renovations, we will transform and reposition the property into one of the area's most desirable places to stay when visiting Walt Disney World Resort and other attractions in Orlando."
This is the third joint venture acquisition between InSite Group and Cube Capital. Together, InSite and Cube own the AAA Four Diamond B Ocean Fort Lauderdale and the Continental South Beach which is currently undergoing a renovation and will be rebranded as B South Beach under the B Hotels and Resorts flag.
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$1.2 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.
SOURCE InSite Group; Cube Capital
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