Raleigh Hotel in Miami Beach plans $1 billion renovation

The Raleigh Hotel in Miami Beach, famous for its role in "The Birdcage," is undergoing a $1 billion transformation. The hotel closed in 2017 after Hurricane Irma and years of neglect. Developer Michael Shvo purchased the property in 2019. The renovation includes a 60-key hotel managed by Rosewood Hotels and a new 17-story residential tower with 40 luxury units. The residences, ranging from $10 to $150 million, have seen strong pre-sales, totaling $250 million. Move-in is expected in late 2027.