Continental Hotel sells for $13M

Continental Bayside A joint venture between Weston-based InSite and Washington-based Carlyle has purchased the Continental Hotel Bayside in Miami for $13.5 million. The project had been the target of a $21.5 million foreclosure action by Lehman Brothers Holdings in 2009, but it the mortgage was ultimately deemed satisfied. The 241-unit hotel, which is located at 316 Northeast Second Street across from the Bayside mall, was previously owned by New York developer Aby Rosen and Ian Schrager, who purchased the property six years ago. [SFBJ]