South Beach's Raleigh Hotel has been sold for $55 million to a joint venture between David Edelstein and Sam Nazarian.
The 105-room oceanfront property at 1775 Collins Ave. was sold by Brilla Group, a Miami private equity firm focused on hotels and resorts in South Florida, the Caribbean, Mexico and Colombia.
The deal for the Art Deco-style hotel was announced Friday by Brilla. By Friday afternoon, the transaction had not appeared in Miami-Dade County public records.
Edelstein owns the W Hotel in Miami Beach. Nazarian is 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 and AJ Capital Partners acquired the Raleigh in 2009 for $30 million.
SLS Hotels will manage the property along with the nearby SLS Miami Beach hotel.