SLS Beverly Hills Luxury Hotel Owned By Sam Nazarian – Now For Sale
According to a Bloomberg story, famous restaurant and nightclub owner Sam Nazarian, has listed his luxury hotel – SLS Beverly Hills for sale. Located near world famous Rodeo Drive, the hotel offers its guests the ultimate VIP experience.
The luxury Beverly Hills boutique hotel offers 297 beautifully decorated rooms and suites designed by Philippe Starck. The rooms are a mix of ultra-modern plus classic elegance. The hotel offers seven lifestyle suites that come equipped with personal gym equipment in addition to two hypoallergenic Pure Rooms.
The luxury hotel property has two signature restaurants run by Chef José Andrés.. The Bazaar offers an amazing fine dining experience that’s located in an indoor piazza that was also designed by Philippe Starck. Tres is the second luxury restaurant at SLS Beverly Hills and serves delicious tasting comfort food.
Sam Nazarian is founder and chief executive officer of SBE Entertainment Group LLC, which is the parent company of SLS. Nazarian was quoted, “We are confident the SLS Beverly Hills will sell for more than $210 million if you look at how the property is performing, the possibility to add on development to the existing hotel and the revitalization of that neighborhood.”
Sounds like there are current talks with three interested buyers about buying another the SLS property – the SLS Hotel South Beach in Miami Beach, Florida. Putting these two hotel properties up for sale is a focus by the company to target more on its management operations and capitalize on the gains from its real estate investments. Another property is located in Las Vegas – SLS Las Vegas Resort.
The sale of the SLS Hotel South Beach could close this summer and bring a price of approximately $126 million.
It’s not known what the selling price is for the SLS Beverly Hills, but there’ speculation it could be listed for over a whopping $200 million.
Nazarian feels the timing is right, “Our strategy is to move to the asset-light model,” he said. “The market is very hot right now. L.A. is trailing some of the bigger cities like New York and Miami, but it is recovering nicely. And Miami is as hot as it can be.”
Read more: Bloomberg