Tommy Hilfiger’s paid $56.5 million for the Raleigh Hotel in South Beach, The Real Deal has learned.
Miami-Dade recorded the fashion icon’s purchase of the 1775 Collins Avenue hotel by Hilfiger’s Elmira Miami on Wednesday, according to county records. The seller of the 105-room hotel, a partnership between W South Beach developer David Edelstein and sbe founder, chairman and CEO Sam Nazarian, paid $55 million for the two-property site in December 2012. Nazarian’s company is staying on as manager of the hotel.
Hilfiger is making his first foray into the hospitality industry with the Raleigh. He is expected to begin a major renovation of the hotel soon. The property is considered the flagship for Hilfiger’s the Raleigh Group, according to company’s written statement announcing the hotel acquisition.
State corporate records identify David Pisor as CEO of New York-based Elmira Miami. Pisor is running Hilfiger’s new hospitality firm.
“The location and position of the Raleigh in the Miami Beach marketplace is perfect for our strategy,” Pisor said in the company’s statement. “We will invest significant resources to preserve the property’s unique style while embracing the local flavors and culture that help define it.”