It's official. Fashion designer Tommy Hilfiger has just closed on his purchase of the Raleigh Hotel for an undisclosed price from David Edelstein, the developer of the W South Beach, and Sam Nazarian, the CEO of SBE Entertainment Group (think SLS), who themselves had just recently bought the place themselves for $55 million. As has already been reported, Nazarian's SBE will continue to manage the hotel, but Hilfiger plans a "transformational renovation."
· Raleigh sale to Hilfiger closes [Miami Herald]
· Tommy Hilfiger Is Buying, Restoring The Iconic Raleigh Hotel [Curbed Miami]