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South Florida

SoBe’s Oceanfront sells for $61M

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One day after news that the Oceanfront Continental hotel in South Beach had
escaped foreclosure due to a new refinancing, the hotel has been
sold for $61 million to a joint venture between British and Floridian
investors. The buyers were a joint venture between Weston-based InSite
Group and London-based Cube Capital. “This location is arguably one of
the most sought-after in the United States,” said InSite Group President
and CEO Ben Shmul. “We are excited about the opportunity to acquire an
underutilized hotel with significant potential for repositioning.” [SFBJ]