Brickell hotel sold for $14M

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Hotel Urbano on Brickell was sold for $13.5 million.

Brian Bandell

Senior Reporter- South Florida Business Journal

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The Hotel Urbano on Brickell was acquired by Maryland-based Baywood Hotels for $13.5 million.

HFF's Max Comess, Daniel C. Peek, Cyrus Vazifdar and Scott Wadler represented seller CRP/Cardel Brickell Hotel, an affiliate of the Carlyle Group and Rodblu Investment Fund 1. They paid $9.25 million for in 2007 for the property at 2500 Brickell Ave.

Baywood Hotels affiliate Blue Lagoon Hospitality now owns the 65-room hotel featuring the Bistro Urbano restart and bar, art exhibits and 1,650 square feet of meeting spaces. The 1.2-acre site has development rights for another 64 hotel rooms in 12,699 square feet, according to HFF.

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"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," Comess said in a news release.

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