The Real Deal Miami

HFF Hotel Group closes Urbano on Brickell sale

Deal comes on heels of other hospitality transactions in South Florida
October 29, 2014 12:45PM

Hotel Urbano on Brickell

Hotel Urbano on Brickell

The HFF Hotel Group said it closed the sale of Hotel Urbano at Brickell, a 65-key boutique hotel located on Brickell Avenue.

The 2500 Brickell Avenue property has frontage on both Brickell and South Miami avenues. Completed in 1961 and redeveloped in 2010, the boutique hotel features art exhibits from up-and-coming Miami artists, three meeting spaces totaling 1,650 square feet, the Bistro Urbano restaurant and bar, and an outdoor pool surrounded by cabanas outfitted with flat-screen televisions.  The hotel was offered with development rights allowing for a 64-room expansion on the site.

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

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.”– Jennifer White Karp