1775 Collins Ave, Miami Beach
83 key Art Deco hotel sold for $1,24 million per door and is a shell now which still needs lots of work on!!
Shvo, Bilgili Group and Deutsche Finance Group acquired the 83-room Art Deco hotel at 1775 Collins Avenue, according to a release.The Raleigh had been closed since Hurricane Irma hit South Florida in September 2017. Hilfiger said in a statement that despite working to restore and reopen the hotel, “this was an offer we just could not refuse.” The Wall Street Journal first reported the sale.Hilfiger’s group paid $67.5 million for the property in 2014 and planned to turn the hotel, built in the 1940s, into a private club. But the property was rumoured to be for sale following Hurricane Irma a year-and-a-half ago.Shvo, chairman and founder of SHVO, said his group is committed to “bringing about its next renaissance,” calling the hotel “a nostalgic icon and a symbol of twenty-first century style and luxury.”His business partner in the deal, Serdar Bilgili, is the owner of the Istanbul-based real estate private equity firm BLG Capital.
5801 S Dixie Hwy, South Miami, FL 33143, USA. The project is a four minute walk from the South Miami Metrorail Station. It will include an eight story building. The student housing development will have a total of 99 units with 326 beds. Each unit will be equipped with a private living room and kitchen.Read more