Fashion icon Tommy Hilfiger has finalized his deal to acquire the Raleigh Hotel in Miami Beach from David Edelstein and Sam Nazarian, and has launched his luxury hotel company called The Raleigh Group with hotelier David Pisor acting as its CEO. The hotel, which is expected to undergo a “transformational renovation,” will continue to be managed by Nazarian’s SBE Entertainment Group.
Mongeau Capital, the private equity arm of the Mongeau family, has joined Hilfiger to support the development of The Raleigh Group into a premier luxury lifestyle brand in the hospitality industry. The Mongeau family owns the London-based Avington Group, a specialized merchant bank focused on the luxury hospitality and real estate sectors.
“The 1940’s design of The Raleigh and its rich history are central to our plans to rejuvenate the property,” Hilfiger said.
Pisor, who most recently won accolades for developing and launching The Elysian Hotel and Residences in Chicago, said, “The location and position of The Raleigh in the Miami Beach marketplace is perfect for our strategy. We will invest significant resources to preserve the property’s unique style while embracing the local flavors and culture that help define it.”
It was in December of 2012 when Edelstein and Nazarian announced the joint acquisition of the 111-room Raleigh from Brilla Group for US$55 million, with plans to launch the Raleigh brand. It has since undergone renovations, including guestrooms, suites, the lobby and common areas.