Fashion icon Tommy Hilfiger officially purchased the Raleigh Hotel in Miami Beach for an undisclosed price.
Hilfiger closed on the acquisition of the 105-room hotel at 1775 Collins Avenue on Friday, the Miami Herald reported, citing an announcement from real estate firm HFF. The seller, a partnership between W South Beach developer David Edelstein and sbe founder, chairman and CEO Sam Nazarian, paid $55 million for the property in December 2012.
Miami-Dade County has not recorded the transaction.
A major renovation of the hotel is expected to begin soon, according to HFF, which marketed the property for sale. Nazarian’s company is staying on as manager of the hotel.
The Hilfiger acquisition is another example of how important Miami Beach has become to hotel investors, according to Max Comess, a director in HFF’s hotel group.
“These investors are willing to take big bets in Miami,” Comess said. “It’s really key to their overall global brand growth strategy. If you’re not in Miami Beach, it’s hard to be taken seriously on the global scale as either a brand or international hotel investor.” [Miami Herald] — Eric Kalis