CRP/InSite Biscayne, a joint venture between Carlyle Group and InSite Group, announced this week that it had sold the b2 Miami Downtown and an adjacent retail building for $57.5 million. HHR EAT Downtown Miami, an affiliate of Arizona-based company Investment Property Exchange Services, purchased the property; terms of the deal were not disclosed. Property records do show that the CRP/InSite Biscayne purchased the property for $13.5 million in September 2011. The previous owner, a partnership between New York developers Aby Rosen and Ian Schrager, bought the hotel for $31 million in 2005 and operated it as the Continental Hotel Bayside, according to a report from The Real Deal.
Located at 146 Biscayne Blvd., the 243-room hotel was originally built in 1926. The building features the Biscayne Tavern restaurant and 1,000 square feet of meeting space. The property is minutes from the Port of Miami and directly across from Bayside Market Place.
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