LOS ANGELES—New York-based developer, David Edelstein, and Los Angeles-based hospitality group, sbe, helmed by its Founder, Chairman and CEO, Sam Nazarian, announced the joint acquisition of South Beach’s Raleigh Hotel from the Brilla Group. Both industry pioneers recognized for individual developments within the hospitality and real estate sectors, Edelstein and Nazarian will revitalize the property to premiere as the flagship for the expansion and optimization of the new Raleigh brand.
This partnership between Edelstein, the developer and owner of W South Beach hotel and one of the pioneers of the Lincoln Road retail mall, and Nazarian, owner of the recently opened SLS Hotel South Beach, will set these two industry power players on a path to deliver a revitalized Raleigh Hotel brand that will debut in Miami Beach.
Merging the hotel’s history with Edelstein and Nazarian’s sense of design, lifestyle, nightlife, and entertainment trends, the new Raleigh in Miami Beach will target the hotel’s loyalists, as well as guests seeking personalized luxury service. Edelstein and Nazarian will launch an extensive renovation plan to preserve and refresh the existing framework of the property before opening additional Raleigh hotels in other key markets around the country.
“David and I share a deep passion for South Beach, and ensuring a celebrated jewel like The Raleigh is preserved in a manner fitting of its great legacy is a mission we are both supremely committed to,” said Nazarian. “South Beach is one of the world’s premier hospitality destinations, and The Raleigh provides the perfect complement to the community and to the experiences offered at SLS Hotel and W South Beach.”
“The Raleigh is a hotel that is truly representative of Miami Beach,” said Edelstein. “Its rich history and overall guest experience is something that has drawn people to this property for many decades. I want to transport The Raleigh’s trademark elements and adapt them to fit within different environments. I admire the work Sam has done with his SLS and Redbury hotel brands and look forward to the creative energy he and his team will infuse into this project.”
sbe Hotel Group will assume full operational control of the property this month and, in collaboration with Edelstein, will initiate the comprehensive renovation expected to begin in April 2013 and run until November. The initial phase will include guestroom renovations, followed by the lobby and other common areas. The property will remain fully operational throughout the process. Final renovation plans are expected to be unveiled later this month as sbe and Edelstein also work to overhaul the management, marketing and sales strategies.