MIAMI--December 2012--Brilla Group, a Miami-based private equity firm focused on the hotel and resort asset class in South Florida, the Caribbean, México, and Colombia, announced today the sale of one of its portfolio assets, The Raleigh, to a joint venture between David Edelstein, owner of Miami Beach’s W Hotel, and Sam Nazarian, Chairman and CEO of sbe and its subsidiary SLS Hotels.
“The sale of The Raleigh represents a successful exit for Brilla,” said David Brillembourg, Chairman and CEO of Brilla Group. “Our objective is to generate value at the asset level to subsequently complete investment cycles that generate projected returns to our investors.”
Brilla Group acquired The Raleigh with AJ Capital Partners in 2009 for US$ 30 million in an off-market, all-cash transaction. Since then, Brilla has implemented a clear strategy to add value to the asset, working closely with the hotel’s management to strengthen performance by emphasizing its F&B and events components.
The strategy proved to be a success, repositioning the hotel at the top of its competitive set and playing a major role in promoting it as one of the most desired locations for major city and private events. Today The Raleigh is the host of prestigious events such as Art Basel, Miami Beach Polo World Cup, and the Mercedes-Benz Fashion Week Swim.
“Since acquiring The Raleigh, we have invested in preserving the 70-year history and legacy of the property,” noted Brillembourg. “Selling this emblematic hotel represents an excellent value for Brilla and a smart strategic initiative for Edelstein and Nazarian, who share our vision for this iconic property.”
Designed and built in 1940 by famed Art Deco architect L. Murray Dixon, The Raleigh is an iconic 105-room oceanfront hotel in the heart of South Beach with an expansive oasis sanctuary of private cabanas and the famed Esther Williams pool. While SLS will manage the property as a complement to the newly opened SLS Miami Beach, it is committed to preserving and enhancing The Raleigh’s distinctive essence.About Brilla Group
Brilla Group is a Miami-based real estate private equity firm focused exclusively on the hotel and resort asset class in South Florida, the Caribbean, México, and Colombia. Brilla Group specializes in creating tailored investment solutions for institutional investors, high-net-worth individuals and family offices. Brilla Group has closed investments in México, The Bahamas, French West Indies, British West Indies, Miami Beach and Bal Harbour (Florida); Brilla Group has also closed a Colombian-based institutional private equity fund dedicated to the sector in Colombia. To learn more, visit www.brillagroup.com.
sbe is a creative hospitality company that develops, manages and operates award-winning hotels, restaurants and nightlife. Through exclusive partnerships with cultural visionaries, sbe is dedicated to delivering the best in design, culinary and entertainment. Already a proven leader in the hospitality and real estate industries, sbe has over 70 properties currently operating or in development, and has expanded several of its flagship brands including SLS Hotels, Katsuya by Starck, The Bazaar by José Andrés and Hyde Lounge nationally and internationally. Founded in 2002 by Chairman and CEO Sam Nazarian, sbe is a privately held company. More information about sbe can be obtained at sbe.com, or by downloading the sbe App.
About The Raleigh Hotel
The Raleigh is one of Miami’s most cherished landmarks. Designed and built in 1940 by famed architect L. Murray Dixon, one of the most prolific architects of South Beach’s historic Art Deco District, guest rooms are adorned to match, with the fabrics and style of the 1940’s, featuring period furnishings and terrazzo floors. A stunning 3-bedroom, 6,000 sq. ft. duplex penthouse with 1,950 sq. ft. terrace and outdoor shower crowns this grande dame of South Beach. The oceanfront hotel, with its expansive Oasis sanctuary of private cabanas and famed Esther Williams baroque pool, has been the backdrop for films and photo shoots and host to countless events ranging from Mercedes Benz Swim Week and the Chanel Fashion Show to the most exclusive Art Basel parties. The Royal restaurant features an American-fare menu in a romantic outdoor garden setting, and The Raleigh’s Martini Bar was recently named one of the “World’s Ten Best” by Details. www.raleighhotel.com
Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here
To Learn More About Your News Being Published on Hotel-Online Inquire Here