Developer Michael Shvo forced to sell Miami’s iconic Raleigh Hotel
Michael Shvo, the once-high-flying New York developer, crashed to Earth on glam South Beach, Miami, boulevard Collins Avenue. Shvo was forced to unload the iconic Raleigh Hotel to Nahla Capital for $270 million this month, Bloomberg first reported. The project was beset by slow condo sales, stalled construction and a looming, $190 million mortgage payment. […]
