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.