Main Photo: The Raleigh Miami Beach
Date: February 2019
Location: Collins Avenue and 18th Street, Miami, Florida, USA
Name: The Raleigh Hotel – re-opening 2019/20
No. of Keys: 105
Seller: Tommy Hilfiger, the fashion icon, who bought the hotel in 2014 for US$56.5m. After Hurricane Irma, the Raleigh closed, and we understand renovations began in spring 2018. The hotel is currently closed. It was being managed by SBE.
Sam Nazarian, of SBE and David Edelstein, owner of Miami Beach’s W Hotel previously owned the hotel in 2012, when they bought it from the Brilla Group, who in turn bought the hotel in 2009 for US$30m!
Designed and built in 1940 by famed Art Deco architect L. Murray Dixon, The Raleigh is an iconic oceanfront hotel in the heart of South Beach with an expansive oasis sanctuary of private cabanas and the famed Esther Williams pool.
Buyer: A joint venture between Deutsche Finance America, Bilgili Holding and (Michael) SHVO. The new joint venture, which has not announced its plans for the property, purchased the hotel in an all cash transaction in partnership with a number of Germany’s largest institutions, including Bayerische Versorgungskammer (“BVK”), Germany’s largest manager of public pension schemes.
Bilgili are investors in the W Hotel, Soho House, Radisson Blu Airport, all in Istanbul, as well other property interests.
SHVO’s portfolio of current developments includes the Aman Hotel and Residences at the Crown Building, the Mandarin Oriental Residences at 685 Fifth Avenue, The Getty in West Chelsea.
The partnership wants to expand its portfolio into other global hubs, especially Los Angeles and New York City.
Price per Key: US$1m
THPT Comment: Interesting from $30m to £105m in ten years!
First Seen: CPP Luxury
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