JV ACQUIRES TWO MIAMI HOTELS FOR $26.7 MILLION

MIAMI BEACH, FLA. — A joint venture between Bethesda, Md.-based Urgo Hotels and Washington, D.C.-based The Carlyle Group has purchased the 75-room Blue Moon Hotel and the 71-room Winterhaven Hotel, both in Miami Beach, for $26.7 million. Both properties will undergo renovations, which will upgrade public spaces and all guest rooms. Jordan Ray of Mission Capital Advisor's New York office represented the buyer in the transaction, placing the debt with a regional bank.