The Raleigh hotel project in Miami Beach, consisting of three hotels, could soon be sold after six years of halted development. Nahla Capital has reportedly agreed to pay around $275 million to acquire the project following a bidding process. Michael Shvo, who purchased the project in 2019 for approximately $243 million, has a first right of refusal and is considering matching the offer if he can secure new capital. The site has remained empty, and plans for transformation into a luxury destination have not been completed.
After six years of stalled development, the Raleigh hotel project in Miami Beach could change hands for around $275 million, as Nahla Capital has reportedly won the bidding process.
Michael Shvo, who acquired the project in 2019, has a first right of refusal on any bids, indicating he may still retain control if he raises the necessary capital.
The Raleigh development consists of three hotels in Miami Beach, and plans included restoring these hotels and building an exclusive beach club and restaurant, which have yet to be realized.
Bayerische Versorgungskammer, one of Shvo's main backers, typically does not comment on market rumors regarding real estate transactions.
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