Big news out of Miami. Andre Balazs has decided to sell his interest in the Raleigh Hotel, sending an email to friends and collegues to break the news, saying, "After seven years of fun and sun, we have decided to sell The Raleigh and focus our efforts on The Standard Spa, located on Belle Isle just blocks away." Que Triste. According to our Little Birdy, the GHM team that also runs the Setai are poised to take over. Good call. Perhaps Andre really does want to focus on his Standard Properties, or perhaps, as the rumors have it, he is in a serious cash crunch. Either way, the Raleigh will remain all systems go during the sale.
Full email after the jump!