MIAMI-A joint venture between Washington, DC-based Carlyle Group and Weston-based InSite Group has acquired the Continental Hotel Bayside, a 241-unit hotel in downtown Miami, for $13.5 million. The hotel was previously held by 316 Northeast Second Street Owner LLC, a joint venture between Ian Schrager and Aby Rosen.
The previous owner purchased the property in 2005 for $31 million. In 2009, a $21.5-million foreclosure suit was filed against the owner by Lehman Brothers Holdings, but the charge was dismissed in March. For the full story, go to South Florida Business Journal .
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