The Raleigh Hotel
Globally renowned, The Raleigh is one of the most historically and culturally significant hotel properties in the United States. The Hotel is a historic oceanfront art deco mainstay of Miami Beach, with a history that is synchronous with the city and its respective development into one of the world’s top destinations. Built in 1940 and designed by L. Murray Dixon, the Raleigh has played host to celebrities, held momentous gatherings hosted by leading figures in the fashion and design world, and been the site of lavish parties at the world-famous iconic Raleigh pool. A testament to a timeless and tasteful appeal, The Raleigh continues to be the host property for Mercedes Benz Swimsuit fashion week and is the epicenter of art and culture during Miami's Art Basel.
Acquired in 2012, via a joint-venture with Sam Nazarian's sbe hotel group, Panoply and David Edelstein's TriStar Capital diligently worked to procure valuable and extremely rare development approvals to build two new buildings on the property and reposition the existing historic building into a 5 Star Hotel with the intent of restoring the hotel into its previous standing as the most exclusive and charming boutique hotel in the market.
In late 2013, Hilfiger Hospitality approached ownership with a significant interest in acquiring the property. Given the extensive supply of ultra-luxury hotels coming to the market in the next two years and an attractive offer from a group that would be a fine steward of the Raleigh legacy, ownership decided to sell the asset in April 2014 at nearly a 2x gross equity multiple.