The Raleigh Hotel located in Miami’s South Beach has a new owner. It was one of several Miami Beach hotels for sale.
According to a news release, Brilla Group a Miami real estate private equity firm, and AJ Capital Partners, a Chicago-based real estate investment company, purchased the 105-room hotel in an all-cash transaction.
They did not disclose the terms of the deal.
The Raleigh hotel was built in 1940 and remodeled again in 2004. “The plan is to enhance current operations and explore long-term repositioning” of the Art Deco hotel at 1775 Collins Avenue. The hotel will remain operational during that time.
Ben Weprin the CEO of AJ Capital Partners says, “In a challenging environment with an abundance of real estate investment opportunities, The Raleigh stood apart as a flagship of Art Deco design in South Beach,” “We, along with our partners at Brilla Group, are committed to protecting the Raleigh hotel, and building upon its 70-year history of excellence.”
Contributed by MLR Realty
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