Miami Hotel Site Trades for $270M

Nahla Capital, the developer behind the Rosewood Residences Beverly Hills, purchased a Miami hotel site for $270 million. Developer Michael Shvo and Deutsche Finance America sold the Raleigh Hotel development site along the ocean in Miami Beach.

The New York Post reports Shvo and his partners bought the site for $217 million in 2019, planning to spend $1 billion, including the purchase price, to restore the Raleigh to its original splendor and convert rooms to luxury condos. But the construction has had starts and stops, and Shvo decided to unload the property.

The Post also reports that Shvo lost the Mandarin Oriental Residences in Beverly Hills to Centurion Investment Partners when he defaulted on a $200 million loan.

Besides the Rosewood project in Beverly Hills, Nahla has developed two New York City condo projects and one in Philadelphia.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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