Haute 100 NY Update: Developer David Edelstein Snaps Up The Raleigh in South Beach

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David Edelstein, owner of the W South Beach in Miami, is said to be purchasing neighboring hotel the Raleigh. The Collins Avenue property was revamped last summer for $20 million, two years after hotelier (and Edelstein’s fellow NY Haute 100er) Andre Balazs (of The Standard empire) sold it to a private equity firm for $30 million.

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