WESTON, Fla., Sept. 20, 2011 /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 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, 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."
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 The Carlyle Group
The Carlyle Group is a global alternative asset manager with approximately $153 billion of assets under management across 86 funds and 49 fund of fund vehicles as of June 30, 2011*. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America focusing on aerospace, defense, & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,100 people in 34 offices across 6 continents. Web: www.carlyle.com; Case Studies: www.carlylegroupcreatesvalue.com; Video: www.youtube.com/OneCarlyle. (*Includes acquisitions of AlpInvest Partners B.V. and Emerging Sovereign Group LLC on July 1, 2011.)
SOURCE InSite Group