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| Raleigh Hotel, 1775 Collins Avenue, Miami Beach, FL |
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| Claudia Steeb |
MIAMI, FL – HFF announced today that it arranged the sale of
the Raleigh Hotel, a 105-room, historic art-deco hotel located on the
Atlantic Ocean in the heart of Miami Beach, Florida.
HFF
was engaged by the affiliates of Tristar Capital led by David Edelstein
and sbe Hotel Group (“sbe”) led by Sam Nazarian, to identify possible
strategic capital alternatives, including a recapitalization, financing and potential
sale, for the iconic oceanfront property located at 1775 Collins Avenue.
The acquisition of the Raleigh Hotel by The Raleigh Group,
the luxury hospitality group founded by Tommy Hilfiger, proved to be a
unique strategic opportunity for Tristar and sbe to honor the iconic stature of
the hotel through its sale to a world renowned designer and entrepreneur
committed to preserving the Raleigh’s unique style and rich history.
sbe will continue to manage the property, which will soon
undergo a transformational renovation under the direction of The Raleigh
Group’s recently appointed CEO, David Pisor.
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| Max Comess |
The HFF real estate investment banking team representing the
seller was led by Manuel de Zarraga, Max Comess and Cyrus Vazifdar,
along with the assistance of Claudia Steeb and Dan Peek.
“The extraordinary interest of the capital markets and
investors in landmark Miami Beach lodging properties, such as the Raleigh, is
driven by the recognition of South Beach as a top-tier global destination,
coupled with the virtual absence of oceanfront property opportunities,”
commented executive managing director de Zarraga.
Comess, a director in the hotel group, adds, “The sale of
the Raleigh Hotel is one of the most significant trades in the history of Miami
Beach’s lodging market in that it combines one of the country’s most prized
hotels with a visionary lifestyle leader and entrepreneur, Tommy Hilfiger.”
HFF’s hotel group has been extremely active in South
Florida, which has emerged one of the top investment targets in the U.S for
domestic institutional and foreign hotel owners across all lodging
segments.
The HFF hotel group previously arranged the sale of the
Seville Beach Resort, which is in its final stages of redevelopment and will
soon reopen as the Edition South Beach.
More recently, the team arranged the recapitalization of the
Cheeca Lodge and sales of properties including Haddon Hall in Miami Beach,
Ritz-Carlton Fort Lauderdale and the Waldorf Astoria Naples.
Tristar Capital is a leading New York City-based real estate
firm that builds and invests in both commercial and residential properties,
including the W South Beach Hotel and numerous retail properties such as
Miracle Mile Shops in Las Vegas and high street retail in New York and Miami
Beach.
sbe is a global hospitality and entertainment company helmed
by visionary founder, chairman and CEO Sam Nazarian, which comprises a thriving
collection of award-winning hotels, casinos, residences, restaurants and
nightlife destinations, including the SLS South Beach, Beverly Hills and Las
Vegas.
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| Manuel de Zarraga |
The Raleigh Group is an affiliate of Hilfiger Hospitality, a
new hospitality venture formed by Tommy Hilfiger to develop a new international
luxury lifestyle hospitality brand that brings to life Tommy's passion for
authentic service and first class hospitality.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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