Tommy Hilfiger's Landmark Hotel Purchase Price Revealed
Apr 23, 2014 April 23, 2014
With the recent purchase of the Raleigh Hotel in South Beach, Tommy Hilfiger has finally disclosed the purchase. The Raleigh cost Hilfiger $56.5 million.
Miami-Dade records state that Hilfiger’s company, Elmira Miami, purchased the Raleigh Hotel, the 105 room landmark hotel located at 1775 Collins Avenue, on April 16. David Edelstein, West South Beach developer, partnered with Sam Nazarian, founder, chairman, and CEO of SBE, to purchase the property. The duo paid $55 million in December 2012 for the two-property site. Nazarian’s company remains manager of the hotel after Hilfiger’s purchase.
Hilfiger is exploring the hospitality industry with his purchase of the Raleigh. He is expected to begin renovation to the hotel soon. According to a written statement announcing the hotel’s procurement, the property is considered the flagship for the Raleigh Group, Hilfiger’s upcoming hospitality business.
David Pisor, CEO of Elmira Miami, will run Hilfiger’s new hospitality business. “The location and position of the Raleigh in the Miami Beach marketplace is perfect for our strategy,” Pisor said in a statement, “We will invest significant resources to preserve the property’s unique style while embracing the local flavors and culture that help define it.”