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| 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 | www.hfflp.com
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