The InSite Group and Carlyle Group joint venture has purchased the Continental Hotel Bayside in Miami, Florida, US, from RFR Holding for $13.5m.
InSite Group vice-president of acquisitions and development Ronald Tencer said a full renovation of the 251-room hotel will begin in early 2012 and the company is still deciding on a brand.
The hotel will relaunch in its new form in late 2012.
In a separate project, the Continental Oceanfront South Beach Hotel, also in Miami, was bought by InSite earlier this year for $61m.
