Friday December 28th, 2012 - 12:01AM
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.