Friday, October 31, 2014

HFF Hotel Group closes sale of Hotel Urbano in Miami, FL

Max Comess
MIAMI, FL – HFF announced it has closed the sale of Hotel Urbano at Brickell, a 65-key boutique hotel located on historic Brickell Avenue in Miami, Florida. 

HFF marketed the property on behalf of the seller, an affiliate of The Carlyle Group and Rodblu Investment Fund 1.  Baywood Hotels purchased the offering free and clear of debt and will assume property management.

               The property is located at 2500 Brickell Avenue and occupies an expansive parcel with frontage on both Brickell and South Miami Avenues in an area commonly known as “Millionaires’ Row”.

 Completed in 1961 and completely redeveloped in 2010, the boutique hotel features rotating art exhibits from up-and-coming Miami artists, three meeting spaces totaling 1,650 square feet, the Bistro Urbano restaurant and bar, an outdoor resort pool surrounded by cabanas equipped with flat-screen televisions, fitness center and business center.

 The hotel was offered with valuable development rights allowing for a 64-room (12,699 square feet) expansion on the site.

Daniel C. Peek
               The HFF investment sales team representing the seller was led by director Max Comess, senior managing director Daniel C. Peek and associate directors Cyrus Vazifdar and Scott Wadler.

“The opportunity to acquire Hotel Urbano and its valuable urban development rights was aggressively pursued by investors from the U.S., Latin America and Asia,” Comess said.  

“The high physical quality of this hotel combined with a flexible expansion opportunity appealed to Baywood, who has emerged as one of the most active hotel developers in Miami today.”

“The Hotel Urbano transaction provides further evidence to the evolution of Miami as a true gateway market,” Peek added. 

“The dramatic attraction of hotel investors to the area that began on South Beach has spread to downtown, the Brickell corridor, Coral Gables and the entire metropolitan area.”

Cyrus Vazifdur
               HFF’s Hotel Group has been active in the sale and financing of similar hotels across the country with a focused concentration in South Florida. 

The closing of Hotel Urbano comes on the heels of several other notable boutique hotel transactions arranged by HFF this year including The Raleigh Hotel on Miami Beach, il Lugano on Ft. Lauderdale Beach, the Islamorada Resort in the Florida Keys, and the Inns of Sanibel Portfolio on Sanibel Island.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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