The Raleigh Hotel, located in the Art Deco district of Miami Beach, traded hands this week as the luxury hotel was sold for $56.6 million to The Raleigh Group, a venture formed by designer and entrepreneur Mr. Tommy Hilfiger. The 105-room, eight-story Art Deco hotel at 1775 Collins Ave. previously sold for $39.5 million to the sellers in December 2012. The Raleigh Group said in a statement it aims to build a "luxury lifestyle hospitality brand" with the support of with Mongeau Capital, the private equity arm of the Mongeau family, which owns the Avington Group merchant bank, according to a CNBC report. Formerly owned by David Edelstein and Sam Nazarian, the Miami Beach location will continue to be managed by sbe Entertainment Group.
"The Raleigh Hotel is a true Miami Beach treasure with sophistication and style, making it the perfect property for us," said Mr. Hilfiger. "The 1940's design of The Raleigh and its rich history are central to our plans to rejuvenate the property. I'm really pleased with the team I've surrounded myself with and know that we will deliver a world-class experience worthy of The Raleigh brand."
"The location and position of the Raleigh in the Miami Beach marketplace is perfect for our strategy," said Raleigh Group CEO David Pisor. "We will invest significant resources to preserve the property's unique style while embracing the local flavors and culture that help define it."
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