MIAMI BEACH, FL-The Raleigh Hotel has sold for nearly $30 million, a discounted all-cash deal that may signal renewed activity in the high-end sector. New York hotelier Andre Balazs sold the 105-room property to Brilla Group, a Miami real estate investment firm, and AJ Capital Partners, a Chicago real estate investment company.
Brilla Group chief executive David Brillembourg would not disclose the exact price but said it was for “about” $30 million. The beachfront hotel at 1775 Collins Ave. went for $285,000 per room
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