Thursday, June 23, 2011

Carlyle Vectoring in South Florida

Two stories dealt with Carlyle Group affiliates in South Florida.  The first came from South Florida Business Journal

Urgo Hotels, a major operator, developer and owner of upscale hotels, has acquired two landmark Miami Beach properties for $26.7 million in a joint venture with The Carlyle Group.
The Real Deal noted plans to upgrade the Blue Moon's and Winterhaven's restaurants to signature level.  Brazilians with bazillions to spend can stay in Carlyle's properties, dine extravagantly, and sleep luxuriously.  In the morning they can venture out to another Carlyle affiliate for coffee, Dunkin' Donuts. 

Dunkin' is expanding more than waistlines in South Florida:

Franchisee Marc Weinstein is opening the first new Dunkin' Donuts location in South Florida in some time, with plans for another eight to 10 locations in the next few years.
Good times are back in South Florida, thanks to foreign money.  Carlyle, a politically connnected private equity underwriter (PEU) has a Brazilian investment fund, so it can read imported coffee leaves.

Only one source mentioned deal financing, Hotel News Resource:

Jordan Ray, managing director of Mission, represented Carlyle and Urgo, placing the debt with a super-regional bank reentering both the lending market and the Florida market after a long hiatus. “This deal underscores banks’ interest in lending to premier sponsors again,” Ray said. “We were pleasantly surprised by the interest from regional banks in this transaction. It certainly expands our clients’ options prospectively for both acquisition and renovation projects.”

Might that super-regional be Carlyle affiliate BankUnited? Likely not.  BankUnited's PEU profit targets may prevent offering financing attractive to PEU's.  Is "PEU Bank" an oxymoron or a conundrum?