Hospitality Properties Trust has purchased the B Ocean Hotel for $65 Million and will convert it to a Sonesta Hotel.
The B Ocean, formerly a Holiday Inn, was owned by Insite Group. Insite paid $13.75M for the property, which had been severely damaged by Hurricane Wilma. It's not known how much was spent to renovate the hotel, but it seems that the plan to make this some sort of national brand has come to an end. Situated in a seedy neighborhood that has missed out on the upgrade that most of the rest of the city has received; The B Ocean was never going to attract a very upscale crowd.
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