Hotel Urbano, a 65-room boutique on Brickell Avenue in Miami, has changed hands.
Maryland-based Baywood Hotels — which has an office in Doral — bought the property from an affiliate of The Carlyle Group and Rodblu Investment Fund 1 in a deal that closed Oct. 23. The purchase price was not disclosed, according to commercial real estate investment banking firm HFF, which marketed the property on behalf of the seller
The new owner has development rights to add a 64 room expansion on the property at 2500 Brickell Ave. The existing building, originally built in 1961, was re-done in 2010.
“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,” said Max Comess, a director in the hotel group at HFF, in a statement. “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.”
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Earlier this month, Hilton Worldwide announced that Baywood had signed a letter of intent to develop a Canopy by Hilton — a new brand — near Mary Brickell Village.