FORT LAUDERDALE, Fla., April 14, 2016 /PRNewswire/ -- A joint venture between Fort Lauderdale-based InSite Group and New York-based EL Group has acquired the historic 93-room Sagamore Hotel, located in the heart of world-famous South Beach.
Set on Collins Avenue and 16th Street just steps from Lincoln Road, the Sagamore Hotel (pictured left) is comprised of two buildings including 93 spacious guestrooms and suites, indoor/outdoor function space, a swimming pool, pool bar and full-service restaurant. The property is an iconic asset in one of the country's most desirable hospitality markets, which welcomed more than 11.6M visitors in 2015 (according to the Miami Convention & Visitors Bureau).
"We are excited to become the new stewards of this outstanding asset, which is located in one of the most highly sought-after destinations in the country," said Ben Shmul, CEO of InSite Group. "The Sagamore has great history and tradition, which we will continue to improve upon into the future, with both physical improvements and the addition of exciting new programs, services and amenities."
The Sagamore Hotel's original historic building was designed in 1948 by famed Miami architect Albert Anis. The beach building, which features two-story suites, was added during a full property restoration and repositioning effort in 2001.
"We believe in buying strategic assets and repositioning them for long-term holding period," said Edeed Ben Josef, Chairman of EL Group. "We view The Sagamore Hotel as a uniquely iconic asset with clear and substantial value-add opportunities. We look forward to taking advantage of those opportunities with our partner, Insite Group."
InSite Group and EL Group are planning a renovation program, including an array of improvements designed to create a new vibe, present exciting food and beverage offerings, enhancing the guest experience. The hotel will maintain its positioning as an art-curated destination with intriguing creations throughout common areas and other new additions.
About EL Group
EL Group is part of an independent family owned investment group with offices in New York City, Miami and Tel Aviv. Its operating entities own or have substantial equity positions in all types of income producing properties, including commercial office, luxury residential, retail properties, assisted living facilities and medical office centers. It also is actively engaged in the development of several strategically located residential properties in Manhattan and downtown Brooklyn.
About InSite Group
Fort Lauderdale, Florida-based InSite Group is a privately owned boutique real estate development and investment firm. InSite focuses on the development and repositioning of opportunistic, distressed and value-added hospitality, residential and mixed-use properties in top 20 U.S. major destinations. InSite Group's current hospitality portfolio includes more than 2,000 guest rooms in branded and independent hotels, including properties franchised by Starwood, Hilton and B Hotels & Resorts, as well as several new development sites in various stages of planning.
Sylvia Kindlain, Hemsworth Communications
954-716-7614 or Sylvia@HemsworthCommunications.com
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SOURCE InSite Group