Fashion designer Tommy Hilfiger’s purchase of the iconic Raleigh Hotel closed Friday.
The purchase price for the 105-room hotel at 1775 Collins Ave. has not been disclosed. The property last sold in December of 2012 for $55 million to David Edelstein, developer and owner of the W South Beach, and Sam Nazarian, the founder, chairman and CEO of Los Angeles-based sbe.
A “transformational renovation” is planned for the hotel, which will remain under the management of sbe. Commercial real estate investment banking firm HFF, which marketed the property on behalf of he owners, announced Friday that the deal had closed.
Max Comess, a director in the hotel group at HFF, said in an interview that Hilfiger’s purchase — as well as sales of the St. Regis Bal Harbour and under-construction Edition hotel in Miami Beach in the last several months — show how important the region has become to hotel investors.
“These investors are willing to take big bets in Miami,” he 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.”