In April a joint venture between real estate development firm InSite Group and London-based Cube Capital purchased the 251-room South Beach property for $61 million. The oceanfront hotel, on 18th Street and Collins Avenue, will remain open during an extensive renovation and repositioning and is scheduled to reopen in the fourth quarter of 2012 as a yet-unnamed B Hotel. Jones Lang LaSalle Hotels brokered the sale on behalf of the seller, RFR Holding LLC.
The deal was all-cash, and the renovation will be as well, according to Ron Tencer, VP of acquisitions and development for InSite.
A partnership between InSite and Cube also owns the B Ocean Fort Lauderdale, which opened in January. That deal too was an all-cash transaction.
The brand launched publicly in September 2010 and is led by CEO and president Ayelet Weinstein, former SVP of InSite Group.
PRIME LOCATION
The South Beach location is ideal, according to Chris Tompkins, corporate VP of brand marketing for B. "It's a great property in the 'SoBe 10' power mile [also home to hotels including the Setai, the W South Beach and the Delano], and it makes good investment sense," he said. "The brand is all about hotel, destination and location."
RENOVATION PLANS
