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MIAMI BEACH, FLA. — A joint venture between New York-based EL Group and Fort Lauderdale-based InSite Group purchased the Sagamore Hotel, a historic 93-room hotel in Miami Beach’s South Beach neighborhood. The venture purchased the asset for $63 million, according to The Real Deal. The property is situated on Collins Avenue and 16th Street near Lincoln Road. The two-building hotel features indoor/outdoor function space, a swimming pool, pool bar and a full-service restaurant. The beach building, which features two-story suites, was added during a property restoration in 2001. EL Group and InSite Group plan to fully renovate the property and add new food and beverage options.