B Ocean Resort Fort Lauderdale, Formerly The Yankee Clipper Sold to Rockpoint & InSite Group for US$126.9m
Main Photo: The B Ocean Resort
Date: October 2021
Name: The B Ocean Resort Fort Lauderdale
Location: Fort Lauderdale, Florida, USA
Number of Keys: 481
Seller: The Carlyle Group, which included InSite, who bought the resort for $107m in 2014 ffrom Barry Sternlicht’s Starwood Capital
Buyers: Boston-based Rockpoint Group and locally based InSite Group
The beachfront B Ocean Resort Fort Lauderdale — formerly known as the Yankee Clipper — sold for $126.9 million, marking one of the biggest South Florida hotel deals this year. B Hotels looked like they will building a brand with two other hotels in Banana Bay, Marathon and Orlando.
Boston-based Rockpoint Group and Fort Lauderdale-based InSite Group, through an affiliate, bought the 481-key resort for $117.9 million, records show. They paid an additional $9 million for an adjacent 1.8-acre parking lot.
InSite also was on the seller’s side, as it is tied to the entity led by The Carlyle Group that sold the properties. The deal equates to $263,773 per room.
The larger of the two deals was the sale of the resort buildings and lots at 1101, 1127 and 1140 Seabreeze Boulevard, as well as at 1136 and 1140 Holiday Drive. In the smaller deal, Rockpoint purchased the parking lots at 3048 and 3054 Harbor Drive.
The hotel originally was developed as the Yankee Clipper in 1956. It spans 3.3 acres. Carlyle Group, based in Washington, D.C., is a global investor with $276 billion of assets under management across its three business segments of global private equity, investment solutions and global credit, according to its website. Founded in 1987, Carlyle is led by Kewsong Lee.
Rockpoint, led by co-founder Keith Gelb, is a real estate private equity firm. It has other South Florida investments. In May it bought a stake in Mast Capital’s long planned Miami Beach condominium at 4000 Alton Road.
InSite, led by Ben Shmul, is a real estate investor, with other South Florida assets including the 101-key Sagamore Miami Beach, the 253-key Nautilus Hotel in Miami Beach and the 231-key GALLERYone – DoubleTree Suites by Hilton in Fort Lauderdale.
Price: With the parking $126.9m
Price per Key: $263,826
THPT Comment: Be interesting to understand if B Hotels have had a change of heart in building a chain…well done to Rockpoint, a hotel player in Hawaii, Las Vegas and the Royalton in NYC and InSite with their local hotels.
First Seen: The Real Deal
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