The famous Raleigh Hotel has been sold for $55 million to a pair of owners already familiar with the industry. Sam Nazarian and David Edelstein own the SLS Hotel and W South Beach, which happen to be two of the Raleigh's biggest rivals. Nazarian and Edelstein purchased the 105-room hotel from real estate investment firm the Brilla Group, who purchased the hotel from Andre Balzas for $30 million in 2009.
Nazarian Edelstein hope to extend the "Raleigh brand" by opening several hotels worldwide.
[via Miami New Times]