The Raleigh Hotel already has an air of unfussy chic that's unique in South Beach, but in this town everyone needs an occasional nip and tuck to stay looking good. Signaling yet another financial move to indicate tourism is back in business after a recession-blamed bump, the hotel has secured a $20-million loan for a bit of a makeover.
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"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, the hotel's parent company. "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."
Cunnigham is a New York-based, but Florida-born, designer who, according to Elle Decor, specializes in "masculine, well tailored, and timeless" design. Well tailored is one thing, but can he explore apparently undiscovered levels of grandeur? We're just saying, ain't nobody want to walk in there next December only to find levels of grandeur that seem old.
South Florida Business Journal reports that the loan is just the latest financial activity signaling that the South Beach hotel market is coming back to life. The Delano Hotel recently paid off its mortgage, while at least three hotel properties have been bought in the past three months on South Beach with major renovations in mind.