FORT LAUDERDALE, FL—InSite Group has acquired two Florida properties, the 277-room Sheraton Tampa Riverwalk and the 391-room Coco Key Resort in Orlando, as well as the 157-room former Clarion Suites in New Orleans in a simultaneous transaction.
The Sheraton Tampa Riverwalk is situated directly on the Riverwalk in the heart of downtown Tampa; the Coco Key Resort and Waterpark is within close access to major Orlando theme parks and the former Clarion Suites, which has been reflagged as an independent property, Hotel 504 New Orleans, is in the French Quarter.
“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, InSite Group. “These hotels provide immediate in-place cash flows that will increase with planned renovations and upgrades set to begin 2016.”
InSite is planning various renovations and enhancements to each one of the hotels, which aims to create additional value while increasing guest experience, according to the company. “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.