FORT LAUDERDALE, Fla., Dec. 3, 2015 — Fort Lauderdale, Florida-based InSite Group has acquired the 277-room Sheraton Tampa Riverwalk, the 391-room Coco Key Resort in Orlando, and the 157-room former Clarion Suites in New Orleans in a simultaneous transaction.
The Sheraton Tampa Riverwalk is situated directly on the famous Riverwalk in the heart of downtown Tampa, within walking distance to the city's major demand generators including the Tampa Convention Center, the Amalie Arena, and over 8.8 million square feet of office space. The Coco Key Resort and Waterpark is located on International Drive, offering affordable accommodations and waterpark adventures with easy access to all the major Orlando theme parks, Orange County Convention Center and the area's major shopping and dining destinations. The former Clarion Suites, which has been reflagged as an independent property, Hotel 504 New Orleans, is situated on Canal Street by the world-famous French Quarter and in walking distance to Tulane University & Medical Center, the new BioDistrict, the Mercedes Superdome and many of the city's vibrant cultural and culinary destinations and venues.
"These acquisitions presented the opportunity for us to acquire three hotels in highly sought- after locations in some of the top 25 U.S. cities with proven and sound economic fundamentals," said Ben Shmul, President and CEO of InSite Group. "These hotels provide immediate in-place cash flows that will increase with planned renovations and upgrades set to begin 2016."
InSite plans various renovations and enhancements to each one of the hotels which will create additional value while increasing guest experience. "Our ability to acquire these hotels at a favorable basis enables us to invest additional capital in each hotel and maximize our investment and guest satisfaction," said Shmul.
