Sam Nazarian's Swanky SLS Beverly Hills Trades for $195M
Torrance-based Sunrider International made the buy, just five years after LA mogul Sam Nazarian opened the 297-room luxury hotel. Sam has been looking to decrease SBE Entertainment's real estate holdings over the last year. And the deal comes amid a flurry of major hotel deals in LA. In February, the Ace Hotel in DTLA sold for $103M, while Mani Bros picked up the ritzy Malibu Beach Inn for $80M earlier this year as well. The crowning sale was Montage Laguna Beach, which sold for a record $360M in January, reports the LA Times.
The SLS is one of the fancier hotels in LA, with custom furnishings from Philippe Starck and high-end cuisine from José Andrés. The hotel was co-owned by CIM Group and operated by Starwood. Rooms start at more than $450/night. [LAT]