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Insite Group Acquires Banana Bay Resort & Marina In Florida Keys

Wednesday, July 16, 2014
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Insite Group
Insite Group

Extensive Renovation Planned; Rebranding Effort Will Position Resort Under B Hotels & Resorts® Flag

Affiliates of the InSite Group, a South Florida-based real estate development and investment firm, today announced their acquisition of the Banana Bay Resort & Marina. Located in Marathon in the Florida Keys, the property will undergo an extensive renovation and be positioned as an addition to the B Hotels & Resorts® portfolio.

"The Florida Keys is one of the strongest hotel markets in the United States and the acquisition of Banana Bay Resort & Marina is in keeping with our strategy of acquiring value-added properties in high barrier to entry markets that show significant upside," said Ben Shmul, President and CEO of InSite Group. "This oceanfront resort has tremendous potential with an excellent location and undeveloped, under-utilized beachfront acreage."

Banana Bay Resort & Marina was originally built in 1963 and was redeveloped in the late 1980's. The nine and a half acre property, with tropical foliage and fauna, includes a marina which was recently renovated in 2010. InSite will launch an extensive redevelopment and renovation plan, extending the resort's offerings and amenities. The hotel will continue to operate under its current name during the renovation and will be reflagged upon completion under the lifestyle B Hotels & Resorts® brand.

About InSite Group
InSite Group is a privately owned boutique real estate development and investment firm based in Weston, Florida, specializing in the development and repositioning of opportunistic, distressed and value-added residential, hospitality and mixed-use properties.
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