InSite Group Acquires The Sheraton Fort Lauderdale Beach Hotel

Reflagging to the B Brand will Commence Immediately with Renovation to Follow

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Dec 04, 2014, 12:25 ET

WESTON, Fla., Dec. 4, 2014 /PRNewswire/ -- An affiliate of South Florida-based InSite Group, along with an institutional joint venture partner, has acquired the 487-room Yankee Clipper Sheraton Fort Lauderdale Beach Hotel. The hotel will be operated in affiliation with B Hotels & Resorts® as the B Ocean Resort in Fort Lauderdale. The hotel is situated on world-famous A1A within close proximity to Port Everglades, Fort Lauderdale-Hollywood International Airport, Las Olas Boulevard and Fort Lauderdale's world-class shopping, restaurants and cultural and arts venues. The property offers a private beachfront area and is one of only four hotels in Fort Lauderdale that are located directly on the beach.

"This acquisition presented a rare opportunity for us to acquire an under-utilized hotel within the highly sought-after Fort Lauderdale Beach market," said Ben Shmul, President and CEO of InSite Group. "We are excited about the repositioning of this premier property and we look forward to enhancing the property's long-term value."

The property is scheduled to undergo a full renovation and re-launch in 2016. The renovation plans include upgrades to guestrooms, public spaces, new food and beverage concepts and a spa, which will re-energize the guest experience. The hotel will continue to operate during the phased renovation with minimal impact on guests.

About InSite Group

InSite Group is a privately owned boutique real estate development and investment firm specializing in the development and repositioning of opportunistic, distressed and value-added hospitality, residential and mixed-use properties. InSite Group owns hospitality, residential and mixed use properties as well as developments sites in high profile premier locations.

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SOURCE InSite Group