Real estate development and investment firm InSite Group has acquired three US hotels in one transaction.

The deal includes the Sheraton Tampa Riverwalk, the Coco Key Resort in Orlando, and the former Clarion Suites in New Orleans.

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The Sheraton Tampa Riverwalk hotel features 277 rooms, and more than 8.8mf² of office space.

"These hotels provide immediate in-place cash flows that will increase with planned renovations."

Situated on International Drive in Orlando, the 391-room Coco Key Resort provides access to the city’s theme parks, shopping and dining destinations, as well as the Orange County Convention Center.

The 157-room Hotel 504 New Orleans, formerly Clarion Suites, has been reflagged as an independent property, and is located on Canal Street by the French Quarter.

InSite Group president and CEO Ben Shmul said: "These hotels provide immediate in-place cash flows that will increase with planned renovations and upgrades set to begin 2016.

"Our ability to acquire these hotels at a favorable basis enables us to invest additional capital in each hotel and maximise our investment and guest satisfaction."

The company is planning to carry out renovations and enhancements for all three hotels.