{"id":1004303414,"date":"2019-02-26T22:17:55","date_gmt":"2019-02-27T06:17:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004303414"},"modified":"2021-05-15T04:03:44","modified_gmt":"2021-05-15T12:03:44","slug":"historic-miami-hotel-sells-for-103m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/historic-miami-hotel-sells-for-103m\/","title":{"rendered":"Historic Miami Hotel Sells for $103M"},"content":{"rendered":"<div id=\"attachment_1004303657\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Raleigh-Hotel.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004303657\" data-attachment-id=\"1004303657\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/historic-miami-hotel-sells-for-103m\/raleigh-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Raleigh-Hotel.png\" data-orig-size=\"999,749\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Raleigh Hotel\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Raleigh-Hotel.png?w=999\" loading=\"lazy\" class=\"wp-image-1004303657 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Raleigh-Hotel.png\" alt=\"Raleigh Hotel\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Raleigh-Hotel.png 999w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Raleigh-Hotel.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Raleigh-Hotel.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004303657\" class=\"wp-caption-text\">Raleigh Hotel<\/p><\/div>\n<p>A joint venture of Deutsche Finance America, Bilgili Holding and SHVO has acquired the historic Raleigh Hotel in Miami for $103 million in an all-cash transaction. A partnership between Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the 83-key asset.<\/p>\n<p>Situated at 1775 Collins Ave. in Miami Beach, the hotel was built in 1940 and is an icon of classic South Beach Art Deco design. Raleigh is minutes from the Bass Museum of Art and Temple Emanu-El. The property is also in close proximity of the Miami City Ballet and Miami Beach Botanical Garden. Raleigh features a beachside swimming pool, which received \u201cthe most beautiful pool in America\u201d designation in 1947 from&nbsp;<em>TIME<\/em>&nbsp;magazine.&nbsp;<\/p>\n<p>According to public records, the seller purchased the building in 2014 for $56.5 million. Following the acquisition, the previous owner revealed plans for a multi-million dollar overhaul of the property, although the program wasn\u2019t finalized. Soon after Hurricane Irma struck in 2017, the hotel closed and it has been closed since for renovations.&nbsp;<\/p>\n<h2>Continuing the restoration effort<\/h2>\n<p>The joint venture partnered with several German institutions in closing the acquisition, including Bayerische Versorgungskammer, Germany\u2019s largest public pensions scheme manager. The deal marks the partnership\u2019s second collaboration after <a href=\"https:\/\/www.commercialsearch.com\/news\/office-component-in-nyc-high-rise-commands-135m\/\">purchasing the roughly 100,000-square-foot office segment<\/a> at 685 Fifth Ave. in Manhattan last year.<\/p>\n<p><em>&#8220;Over the past four years, Tommy Hilfiger and the Raleigh Group have put incredible effort into restoring this iconic Art Deco gem and we are grateful that they are entrusting us as stewards of the Raleigh&#8217;s future. We are committed to bringing about its next renaissance,&#8221;<\/em> said Michael Shvo, chairman &amp; founder of SHVO, in prepared remarks.&nbsp;<\/p>\n<p><em>\u201cWe are still looking forward to diversifying and growing our portfolio further in other global hubs, especially in Los Angeles and New York City,&#8221; <\/em>explained Serdar Bilgili, chairman of Bilgili Holding.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tommy Hilfiger and Turkish conglomerate Dogus Group sold the iconic Raleigh Hotel to a partnership of Deutsche Finance America, Bilgili Holding and SHVO.<\/p>\n","protected":false},"author":240,"featured_media":1004303657,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,1492,21742],"tags":[38184,34566,36351,33916],"class_list":["post-1004303414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-miami","category-latest","tag-art-deco","tag-bayerische-versorgungskammer","tag-capital-improvement","tag-tommy-hilfiger"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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