Hotel owner and operator Urgo Hotels has teamed up with the Carlyle Group to purchase two landmark Miami Beach hotels — the Blue Moon and Winterhaven — for $26.7 million, according to the South Florida Business Journal.
Both hotel properties will be renovated over the next six months and their food and beverage operations repositioned as signature restaurants, the partners announced today.
“The Winterhaven and Blue Moon are irreplaceable properties and locations that we sourced off-market,” said Kevin Urgo, principal of Urgo.
He also noted that this was his company’s first collaboration with Carlyle; “Joint ventures are an important growth vehicle for our company,” he said.
Urgo now has stakes in four properties in South Florida. It purchased the Ocean Point Hotel in Pompano Beach for $8.55 million in January. [SFBJ]