Michael Shvo continues to advance the $3 billion Raleigh Hotel project in Miami Beach, despite an investor looking to exit. Newmark, the commercial real estate firm, is marketing the investor's stake, leading to speculation about the project's future. However, Shvo emphasizes that this move is merely a recapitalization, with the project poised for construction after a $100 million infusion. He reassures that the project remains financially sound and is moving forward, involving luxury accommodations and high-end residences designed by notable architect Peter Marino.
Michael Shvo asserts the Raleigh Hotel project is financially sound, clarifying, ‘There’s no sale of the Raleigh. It’s a recapitalization of one of the equity partners.’
With $100 million recently invested, Shvo's Miami Beach development includes a luxury hotel and exclusive beach club, signaling a major investment in luxury real estate.
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