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.