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.

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.”

“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.”