The B Ocean Resort Fort Lauderdale and a neighboring parking lot sold for a combined $126.9 million, but one of the prior owners has extended its stay on the beachfront resort known for its mermaid shows.
CRP/Insite Clipper LLC, a joint venture between Fort Lauderdale-based InSite Group and Washington, D.C.-based The Carlyle Group (Nasdaq: CG), sold the 481-room hotel at 1136 and 1140 Holiday Drive, plus 1101, 1127 and 1140 Seabreeze Blvd. for $117.9 million
The buyer was FLL Ocean Hotel Owners LLC, which lists its managing members as InSite Group CEO Ben Shmul, Rockpoint Group General Counsel Ron Hoyl in Dallas and Rockpoint CFO Spencer Raymond in Boston.
In addition, CRP/Insite FLLB, also a joint venture between InSite Group and Carlyle, sold the 1.84-acre parking lot at 3048 and 3054 Harbor Drive for $9 million to FLL Ocean Land Owner LLC, a partnership between InSite Group and Rockpoint Group.
Both the hotel and the parking lot both traded for $107 million in 2014, so they gained in value in the most recent deals. However, extensive renovations were performed at the hotel since its last trade.
The B Ocean Resort totals 368,646 square feet and covers a 3.3-acre site along the ocean. It was originally developed in 1956 as the Yankee Clipper.
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Number of guest rooms
| Rank | Prior Rank | Hotel / Prior (* Not ranked in 2020) / URL |
|---|---|---|
1 | 1 | Fontainebleau Miami Beach |
2 | 2 | Seminole Hard Rock Hotel & Casino Hollywood |
3 | 3 | Boca Raton Resort & Club |
