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Today, David Edelstein – owner of W South Beach – and Sam Nazarian – the wizard behind the sbe brand and owner of the new SLS Hotel South Beach announced plans to join ranks and buy Miami’s Raleigh Hotel.
Now, when we chatted over this in August, no one wanted to make an official comment. It was like some weird FB relationship status--"I won't change mine until you change yours!" OK. Now we know you're together.
Both men, famous for their hotel business savvy, will scoop up the landmark Raleigh from the Brilla Group and set out to revamp the Art Deco property that was the place to be when it opened in the ‘40s on Collins Avenue.
Listen, this is a powerful partnership—Edelstein is known for the trendy W hotel and developing such areas as Miami’s Lincoln Road mall, and Nazarian’s sbe group has dominated the swank SLS brand for a minute. Big $$ and big dream at work, here.
But, will these forward thinkers respect and keep the hotel’s historical identity in mind?
After hottie hotelier Andre Balazs gave up the property a few years ago, we found things to be rather agreeable back in 2010, even if there was a bit of fugly carpeting throughout. Yet the hotel is changing once again.
Currently, the hotel's website says The Brilla Group manages and owns the hotel but according to this report from Miami.com, the hotel has some very interesting new owners--the developer of the W South Beach and SBE Development Group which just opened The SLS South Beach. The hotel is believed to have been sold for just over $55 million.
It looks like The Redbury Hotel in Hollywood is doing well enough to strike out for New York.
The details are sparse but we hope they can find a way to export those awesome giant suites to NYC. That would be huge, in so many ways.
In other SBE news, the SLS South Beach still won't open until March 2012 but they've already hired a general manager. But it's two steps forward and one step back as the Sahara Las Vegas, which is owned by SBE, is still closing on May 16.