HFF 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 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 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.
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,” said executive managing director de Zarraga.