InSite Group, Cube Capital buy South Beach property

A joint venture between Weston, Florida-based InSite Group and London-based Cube Capital has acquired the 251-room Continental Oceanfront South Beach Hotel for $61,000,000. 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," said 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 Q4 2012.

InSite Group and Cube Capital also own the newly opened B Ocean Fort Lauderdale on the Fort Lauderdale Beach.

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The sale is the latest step in Park's asset-light strategy.