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.
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“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.