MIAMI—Hotel Urbano at Brickell, a 65-key boutiquehotel located on historic Brickell Avenue inDowntown Miami, has a new owner. Baywood Hotelspurchased the hotel free and clear of debt behalffrom an affiliate of Carlyle Group andRodblu Investment Fund 1 and will assume propertymanagement. Financial terms of the deal were not disclosed.

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HFF director Max Comess,senior managing director Daniel C. Peek andassociate directors Cyrus Vazifdar andScott Wadler represented the seller. Thehotel is located at 2500 Brickell Avenue andoccupies a large parcel with frontage on both Brickell and SouthMiami Avenues in an area commonly known as “Millionaires' Row.”

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“The Hotel Urbano transaction provides further evidence to theevolution of Miami as a true gateway market,” says Peek. “Thedramatic attraction of hotel investors to the areathat began on South Beach has spread to downtown, the Brickellcorridor, Coral Gables and the entire metropolitan area.”

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Completed in 1961 and redeveloped in 2010, the boutiquehotel features rotating art exhibits fromup-and-coming Miami artists, three meeting spaces spanning 1,650square feet, the Bistro Urbano restaurant and bar, an outdoorresort pool surrounded by cabanas equipped with flat-screentelevisions, fitness center, and business center. Thehotel was offered with valuable development rightsallowing for a 64-room—12,699 square feet—expansion on thesite.

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“The opportunity to acquire Hotel Urbano and its valuable urbandevelopment rights was aggressively pursued by investors from theUS, Latin America and Asia,” says Comess. “The high physicalquality of this hotel combined with a flexibleexpansion opportunity appealed to Baywood, who has emerged as oneof the most active hotel developers in Miami today.”

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