Miami's Raleigh Hotel Changes Hands
Friday December 28th, 2012 - 12:01AM
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
MIAMI–The 105-room Raleigh Hotel in Miami's fashionable South Beach neighborhood has been acquired by a joint venture of David Edelstein and Sam Nazarian for $55 million.
Selling the 70-year-old hotel is the Brilla Group, a locally based private equity firm that acquired the oceanfront hotel in 2009 for $30 million. Edelstein is the owner of the W Hotel in Miami Beach, while Nazarian is chairman of sbe and its subsidiary, SLS Hotels. SLS will manage the Raleigh as a complement to its SLS Miami Beach property, which opened recently. The Raleigh has always been known for its Art Deco design elements and, more recently, for its hip atmosphere.
Tags: Hospitality Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.