Fashion designer Tommy Hilfiger has finalized a deal to purchase the Raleigh Hotel in Miami Beach, Fla.
"The Raleigh Hotel is a true Miami Beach treasure with sophistication and style, making it the perfect property for us," Hilfiger said in a statement announcing the deal. "The 1940's design of The Raleigh and its rich history are central to our plans to rejuvenate the property."
The price was $56.6 million, the South Florida Business Journal reported Thursday. The hotel's spokesperson did not reply to a request from CNBC to confirm the reported sale price. David Edelstein and Sam Nazarian were the prior owners.
The hotel, likely by no coincidence, has a name in common with the hospitality group Hilfiger founded: The Raleigh Group.
The Raleigh Group said in a statement it aims to build a "luxury lifestyle hospitality brand" with the support of with Mongeau Capital, the private equity arm of the Mongeau family, which owns the Avington Group merchant bank.