Tommy Hilfiger is buying the art deco Raleigh Hotel in South Beach, he has exclusively confirmed to Page Six. The designer plans to turn the beachfront landmark into an exclusive private club and hotel according to the Rus Tourism News.
Hilfiger has been talking to current owners David Edelstein and Sam Nazarian, who paid $55 million for the 1940 property in 2012. According to a statement released on behalf of the sellers and Hilfiger, conversations about the deal started during Art Basel Miami Beach last year.
Max Comess, a director in the hotel group at HFF, said Hilfiger’s plans are another sign of “this insatiable investor appetite to be in Miami beach if you’re in the lifestyle hotel business.”
“Tommy Hilfiger is obviously an iconic name in fashion, art, music and entertainment,” Comess said. “And these are the very same drivers that are behind the substantial growth of Miami Beach as a global hotel market, so it makes sense that the most iconic name in those areas would be attracted to what is arguably the most iconic single hotel in Miami Beach.”
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