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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Brilla Group Closes $20 Million Loan for the Raleigh hotel in Miami Beach Arranged by Cushman & Wakefield Sonnenblick Goldman |
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Tuesday, July 26, 2011
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Miami, FL
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Brilla Group, a Miami-based private equity firm focused on the luxury beachfront hotel and resort asset class in South Florida, the Caribbean, México, Central America, and Colombia, and Cushman & Wakefield Sonnenblick Goldman are pleased to announce the closing of a $20 million loan for the iconic Raleigh hotel located in Miami’s South Beach. The financing, which was provided by an international debt fund advised by a major U.S. bank, will be used to renovate the property and also for additional investment.
“We are delighted to have been able to advise Brilla Group as they work to restore and continue positioning The Raleigh hotel at the top of the market”
“We are extremely pleased with the closing of this loan,” said David Brillembourg, Chairman and Chief Executive Officer of Brilla Group. “The Raleigh is one of Miami Beach’s most emblematic hotels, it has 70 years of history and we are here to ensure that the legacy and beauty of this hotel remains for future generations. It is our goal to continue enhancing this property to ensure that it performs at its highest level.”
“We are delighted to have been able to advise Brilla Group as they work to restore and continue positioning The Raleigh hotel at the top of the market,” said Douglas Hercher, Executive Vice President at Cushman & Wakefield Sonnenblick Goldman.
Stephen O’Connor and Alex Hernandez, both Senior Directors at the firm, assisted in arranging the financing. Mr. Hernandez added that “The lender understood this property and recognized its potential, which helped us to close this financing quickly and efficiently.”
Located at the corner of 18th Street and Collins Avenue, The Raleigh hotel is in South Beach, one of the world’s most lively and robust hotel and resort markets. Acquired in 2009 by Brilla Group, the 105-room property is known for its stunning art deco finishes, opulent events and beautiful beachfront pool. “Brilla Group will embark on a restoration of The Raleigh with designer Mark Cunningham to take the hotel to a new level of grandeur while maintaining the soul and elegance of the property," said Richard Cotter, Managing Director and Executive Vice President of Asset Management of Brilla Group. “The hotel will remain open while we complete the upgrades, many of which will be finished for the 10th anniversary of Art Basel in December of this year.”
About Brilla Group
Brilla Group is a real estate private equity firm focused exclusively on the luxury beachfront hotel and resort asset class in South Florida, the Caribbean, México, Central America, and Colombia. Brilla Group specializes in creating tailored investment solutions for institutional investors, high-net-worth individuals, and family offices, and is widely regarded as the premier expert in this niche market. Over the past 24 months, Brilla Group has closed nine hotel investments in México, The Bahamas, French West Indies, British West Indies, and Miami Beach and Bal Harbour in Florida. To learn more, visit www.brillagroup.com. |
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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