Billionaire Fashion Mogul Tommy Hilfiger To Buy The Raleigh Hotel In South Beach

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American fashion designer and mogul Tommy Hilfiger launched his first signature collection in 1985 by modernizing button-down shirts, chinos and other time-honored classics with updated fits and details. The company was sold for $1.6 billion to Apax Partners (a private investment company) in 2006 and in 2010, Phillips-Van Heusen (owner of Calvin Klein) brought the Tommy Hilfiger Corporation for $3 billion.

The Elmira, New York-native (Tommy Hilfiger) is currently expanding his forever growing empire. Hilfiger is negotiating to buy The Raleigh hotel in South Beach. The Miami Beach property has been owned since late 2012 by New York-based developer David Edelstein, who owns the W South Beach, and hotelier Sam Nazarian, who owns the SLS South Beach.

Hilfiger told WWD, “I’m in the process of buying it from them. I’ve always wanted a hotel property. We’re going to turn it into a five-star chic hotel with all the amenities. We will create a whole new dining experience. It needs a full redo. It’s a bit dated”.

He did not reveal the partners in his investment group to the online fashion publication. However, the deal is expected to be finalized sometime next month.

The Raleigh is located on Collins Ave and 18th Street-centered on fashion, art, music and entertainment.

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Photos Credit: AP

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Donovan

Donovan is the CEO and Editor-In-Chief of www.dmfashionbook.com. For all general inquiries please email don@dmfashionbook.com Donovan has a BA in Journalism & Media Studies from the prestigious Rutgers University. He's currently studying entertainment and fashion law.