Tommy Hilfiger sold The Raleigh Hotel in Miami Beach for $103 million Wednesday to a group of investors from Germany, New York and Turkey.
Hilfiger first purchased the 1947 beachfront property on Collins Avenue and 18th Street for $56.5 million in 2014 with hopes of renovating it. After Hurricane Irma, the Raleigh closed, but its owners said renovations would begin in spring 2018 on the 105-room hotel.
“While we’ve been working tirelessly to restore and reopen the Raleigh, this was an offer we just could not refuse,” Hilfiger said in a statement to the Wall Street Journal.
The Raleigh’s new owners are Deutsche Finance America, Turkish investment firm Bilgili Holding and New York City based development firm SHVO.
“We are thrilled about the next chapter of the Raleigh’s history — as a nostalgic icon and a symbol of twenty-first century style and luxury,” said Michael Shvo, chairman and founder of SHVO.