InSite Group Acquires The Sheraton Fort Lauderdale Beach Hotel
Reflagging to the B Brand, Renovation to Follow
Weston, Florida - December 4, 2014 - An affiliate of South Florida-based InSite Group, along with an institutional joint venture partner, has acquired the 487-room Yankee Clipper Sheraton Fort Lauderdale Beach Hotel. The hotel will be operated in affiliation with B Hotels & Resorts® as the B Ocean Resort in Fort Lauderdale. The hotel is situated on world-famous A1A within close proximity to Port Everglades, Fort Lauderdale-Hollywood International Airport, Las Olas Boulevard and Fort Lauderdale's world-class shopping, restaurants and cultural and arts venues. The property offers a private beachfront area and is one of only four hotels in Fort Lauderdale that are located directly on the beach.
"This acquisition presented a rare opportunity for us to acquire an under-utilized hotel within the highly sought-after Fort Lauderdale Beach market," said Ben Shmul, President and CEO of InSite Group. "We are excited about the repositioning of this premier property and we look forward to enhancing the property's long-term value."
The property is scheduled to undergo a full renovation and re-launch in 2016. The renovation plans include upgrades to guestrooms, public spaces, new food and beverage concepts and a spa, which will re-energize the guest experience. The hotel will continue to operate during the phased renovation with minimal impact on guests.
About InCite Group
InSite Group is a privately owned boutique real estate development and investment firm specializing in the development and repositioning of opportunistic, distressed and value-added hospitality, residential and mixed use properties. InSite Group owns hospitality, residential and mixed use properties as well as developments sites in high profile premier locations.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
