Cube Capital and InSite Group acquire Continental Oceanfront South Beach Hotel
A joint venture between London-based Cube Capital and Florida-based InSite Group has acquired the 251-room Continental Oceanfront South Beach Hotel for USD61,000,000. 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,” says 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 the 4Q 2012. InSite and Cube also own the newly opened B Ocean Fort Lauderdale on the famed Fort Lauderdale Beach.
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