LUXURY HOTEL PURCHASED BY FOREIGN INVESTORS

MIAMI BEACH, FLA. — A group of South American-based investors has purchased the 104-unit Raleigh Hotel South Beach Miami from a private seller for an undisclosed amount. The property, which was built in 1940, is located on Collins Avenue in Miami Beach. Amenities include a lobby coffee shop, a martini bar and a poolside restaurant. Ali Baheri of Molinaro Koger brokered the transaction.