A joint venture of Fort Lauderdale-based InSite Group and New York-based EL Group purchased the 93-room Sagamore Hotel at 1671 Collins Ave. in Miami Beach from Sagamore Partners, LTD for $63 million, or about $677,419 per room. The five-story hotel at Collins Avenue and 16th street acquired by the venture, EBJ/Insite Sagamore LLC, was constructed in 1948. At the end of 2015, the hotel had an average occupancy of 80%. The hotel added two-story suites to the property in a 2001 restoration and repositioning. This historic building, near Lincoln Road, includes a swimming pool, full-service restaurant, indoor/outdoor function space and a pool bar. No brokers were reported to be involved in the deal at the time of publication. Please see CoStar COMPS#3565432 for more information on this transaction.