Ocean resort

B Ocean Resort Fort Lauderdale sold for $127 million

Keith Gelb, Managing Member and Co-Founder, Rockpoint Group (Rockpoint Group, B Hotels & Resorts, iStock)

The beachfront B Ocean Resort Fort Lauderdale — formerly known as the Yankee Clipper — has sold for $126.9 million, marking one of South Florida’s biggest hotel deals this year.

Boston-based Rockpoint Group and Fort Lauderdale-based InSite Group, through a subsidiary, purchased the 481-key complex for $117.9 million, records show. They paid an additional $9 million for an adjacent 1.8-acre parking lot.

InSite was also on the selling side, as it is linked to the entity run by The Carlyle Group that sold the properties.

The deal is worth $263,773 per room.

The larger of the two transactions was the sale of the resort’s buildings and land at 1101, 1127, and 1140 Seabreeze Boulevard, and 1136 and 1140 Holiday Drive. In the smaller transaction, Rockpoint purchased the parking lots at 3048 and 3054 Harbor Drive.

The hotel was originally developed as the Yankee Clipper in 1956. It spans 3.3 acres.

The selling entity purchased the resort for $107 million in 2014 from Barry Sternlicht’s Starwood Capital Group, according to public records. He renamed it B Ocean Resort after renovations.

Carlyle Group, based in Washington, D.C., is a global investor with $276 billion in 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 run by Kewsong Lee.

Rockpoint, led by co-founder Keith Gelb, is a real estate private equity firm. He has other investments in South Florida. In May, he 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. .

The Tri-County Area’s hospitality market is emerging from the pandemic, with tourism rebounding, though convention business still lags.

Still, South Florida has had best price hotel sales this year. In the biggest deal, Pebblebrook Hotel Trust bought the 369-key Margaritaville Hollywood Beach Resort in June for $270 million.

In July, Fort Partners purchased the Four Seasons Miami hotel from Brickell for approximately $130 million. And this month, Wheelock Street Capital bought the brand new The Ben West Palm Beach for $106.4 million.