Tommy Hilfiger Near to Give the Raleigh Hotel A Make Over

Tommy Hilfiger Close to Give the Raleigh Hotel A Make Over

Miami's position as a prominent global market continues to generate demand from both U.S. and foreign buyers long into the future, adding great value to our city, our market, and our properties.

Fashion Icon Tommy Hilfiger has set eyes on Miami anticipating the phenomenal growth and development of the city.  Hilfiger is planning to make his stylish mark in South Beach this time in the construction department. The Raleigh Hotel is due for a make over and Tommy Hilfiger would like to transform the South Beach property beyond the landmark that used to be when built in 1940.

 

Expanding into the hospitality sector, Tommy Hilfiger is on the verge of acquiring the Raleigh Hotel in South Beach for an undisclosed price.

Hilfiger is in discussions with Raleigh owners David Edelstein and Sam Nazarian about buying the 1775 Collins Avenue property and extensively renovating the hotel, the Miami Herald reported. The designer told Women’s Wear Daily he wants to transform the Raleigh into a five-star hotel and make it the flagship property of his new Hilfiger Hospitality venture. Hilfiger and the sellers began talking about the potential deal during Art Basel Miami Beach last December.

Edelstein and Nazarian paid $55 million for the property in December 2012. Nazarian’s sbe operates the Raleigh and is set to continue managing the 105-room hotel if the sale to Hilfiger closes. A Michael Schwartz-run restaurant is also expected to stay put. If Hilfiger’s plans are fruitful, renovations could begin next January.

Miami-Dade continued its streak of record-setting tourism numbers last year, welcoming 14.2 million overnight visitors. Without a doubt some of these tourists would love to stay at the more fashionable and luxurious Raleigh Hotel whenever is ready. South beach’s appeal does not disappoint but in fact unceasingly keepsattracting people from all walks of life. *Notes taken from the Real Deal.

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