A partnership between InSite Group, a Weston Florida-based company and associates of The Carlyle Group, a Washington, DC-based venture, has declared the acquisition of the 243 roomed Downtime Miami located Continental Bayside Hotel.
The hotel is located on the opposite side of the Port of Miami, restaurants, bayside shops and the American Airlines Arena on Biscayne Boulevard. The area surrounding the hotel comprises multiple numbers of arts and cultural venues, federal and state court premises and over 16 million sq. ft. of office area.
The hotel will be re-launched in the last quarter of 2012 after undergoing total reconstruction and repositioning. During the renovation process, the hotel is planning to upgrade the façade, public spaces and guestrooms. A new beverage and food concept will stimulate the hotel and its lobby thus offering a new meeting place in walkers-friendly Bayside area and Biscayne Boulevard. During the renovation process, the hotel will continue its functions with minimum inconvenience to the guests.
According to Ben Shmul, InSite Group’s President and CEO, the acquisition enabled the partnership to purchase a hotel that was underutilized yet located inside the much in demand business district of the Miami market. He added that the property will be repositioned to improve the long-term value of the property.
Source: http://www.insiteus.com/