August 14, 2014
A joint venture between Carlyle Group and InSite Group generated a substantial profit on the sale of a downtown Miami hotel.
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.
The hotel was originally built in 1926.