The Raleigh hotel on South Beach has been sold with a price tag of $55 million to W South Beach's David Edelstein and Sam Nazarian of the SLS Hotel. Starting this month, sbe Hotel Group is taking over and doing a renovation, which is expected to last from April to November. Don't worry, they're still honoring the partnership with Michael Schwartz for his new restaurant expected to open sometime this year. [Miami.com]
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