Insite Group to Convert Banana Bay Resort to B Hotels Portfolio
Monday July 21st, 2014 - 9:10AM B
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MARATHON, FL—Affiliates of the Insite Group, a real estate development and investment firm based in Weston, FL, have acquired the Banana Bay Resort & Marina here.
The property will undergo an extensive renovation and be positioned as an addition to the B Hotels & Resorts portfolio. Banana Bay Resort & Marina was originally built in 1963 and was redeveloped in the late 1980s. The hotel will continue to operate under its current name and will be reflagged after the renovation.
"The Florida Keys is one of the strongest hotel markets in the United States and the acquisition of Banana Bay Resort & Marina is in keeping with our strategy of acquiring value-added properties in high barrier to entry markets that show significant upside," stated Ben Shmul, president and CEO of Insite Group.
Tags: Insite Group • B Hotels • conversion • Hospitality • Brands •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.