Downtown Miami hotel trades for $57.5M

Miami /
Aug.August 13, 2014 11:15 AM

A joint venture between Carlyle Group and InSite Group generated a substantial profit on the sale of a downtown Miami hotel, The Real Deal has learned.

The venture, CRP/InSite Biscayne, got $57.5 million for the 243-room b2 Miami Downtown and an adjacent retail building in a transaction recorded on Monday, according to Miami-Dade County records. Washington, D.C.-based Carlyle and Weston-based InSite paid $13.5 million for the 136 and 146 Biscayne Boulevard properties in September 2011. The previous owner, a partnership between New York developers Aby Rosen and Ian Schrager, bought the hotel for $31 million in 2005 and operated it as the Continental Hotel Bayside.

HHR EAT Downtown Miami is the buyer. The company is tied to Tempe, Ariz.-based Investment Property Exchange Funding. No financing was recorded.

The hotel was originally built in 1926. It includes the Biscayne Tavern restaurant and 1,000 square feet of meeting space, according to b2’s website.


Related Articles

arrow_forward_ios
From left: Property Markets Group's Ryan Shear, Kevin Maloney and Dan Kaplan with Elser Hotel & Residences
PMG, Greybrook score $235M refi of downtown Miami project
PMG, Greybrook score $235M refi of downtown Miami project
Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
Lease roundup: Quest takes space at One Biscayne Tower & more
Lease roundup: Quest takes space at One Biscayne Tower & more
Black Lion's Robert Rivani with One Thousand Museum
Robert Rivani’s Black Lion snags One Thousand Museum restaurant space
Robert Rivani’s Black Lion snags One Thousand Museum restaurant space
Moishe Mana, 48 East Flagler Street (left) and 76 East Flagler Street (right) (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Google Maps)
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
From left: CIM Group’s Shaul Kuba; Miami Worldcenter Associates' Nitin Motwani and Art Falcone; Miami Worldcenter (Miami Worldcenter Associates, CIM Group)
Lease roundup: Miami Worldcenter, Banyan Street nab tenants
Lease roundup: Miami Worldcenter, Banyan Street nab tenants
(Getty)
Here are the resi projects planned for downtown Miami
Here are the resi projects planned for downtown Miami
David Schwartz and Martin Nussbaum with rendering of Namdar Towers (Slate Property Group)
Namdar nabs $195M loan for downtown Miami apartment towers
Namdar nabs $195M loan for downtown Miami apartment towers
Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)
Miami-Dade seeks partners for Government Center redevelopment
Miami-Dade seeks partners for Government Center redevelopment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...