The Real Deal Miami

Balazs’ Raleigh Hotel scooped up for $30M

October 01, 2009 10:17AM

Andre Balazs and the Raleigh Hotel

Brilla Group, the Miami-based real estate private equity firm, and Chicago-based real estate investment company AJ Captial Partners have joined forces to acquire Andre Balazs’ Raleigh Hotel, the South Beach landmark, in an all-cash transaction estimated at $30 million. The New York hotelier had previously announced plans to sell the property, which was designed by Murray Dixon and remodeled in 2004, explaining that he wanted to focus on his Standard chain, which has branches in New York and Los Angeles. Raleigh’s new owners plan to keep the hotel fully operational throughout the transition and to explore repositioning the property in the long-term. TRD