The Raleigh hotel, an Art Deco gem famous for its curlicue black-framed pool, has sold to new owners with plans to turn the hotel into a national brand.
But before Raleigh siblings pop up in locales around the country, new owners David Edelstein and Sam Nazarian will pour $2-$5 million into the 1940 property at 1775 Collins Ave.
They certainly have experience in that area. Edelstein developed and owns W South Beach, about four blocks north of the Raleigh. And Nazarian, who is based in Los Angeles, opened the SLS Hotel South Beach just south of the Raleigh on the same block earlier this year.
Brilla Group is the seller. The all-in price for the hotel, a parking lot nearby and the brand was $55 million, Edelstein said.
After its sale to South Beach neighbors, Raleigh brand to grow
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After its sale to South Beach neighbors, Raleigh brand to grow
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After its sale to South Beach neighbors, Raleigh brand to grow
