In another sign that the South Beach, Miami hotel market still retains its star appeal, fashion guru Tommy Hilfiger has agreed to purchase the 105-room Raleigh Hotel on Collins Ave.
The new purchase price has not been disclosed as the deal has not yet been concluded, but when last on the market, the hotel was sold for $55 million in 2012.
Hilfiger will launch Hilfiger Hospitality, "a brand centered on fashion, art, music and entertainment," and he will take "a leading role" in refurbishing the hotel, slated to begin next year.
In a statement the designer said: "The Raleigh is an incredible hotel with a very special place within the Miami market, and we’re actively working towards making it our flagship property under my new company, Hilfiger Hospitality."
Current co-owners SBE Entertainment will continue managing the hotel, which will keep its original name.
SBE also operates nearby properties SLS Hotel South Beach and the Redbury.
