sbe Entertainment Group and CIM Group Sell SLS South Beach to Goldenpeaks Capital Real Estate
June 11, 2015 7:06am
The sale price was not disclosed.
The deal underscores sbe's newly implemented growth strategy of focusing on long-term management agreements, and follows the recent sale of SLS Beverly Hills. sbe and CIM, partners in the South Beach venture, have sold the hotel as the Miami market continues to heat up.
As part of the sale, sbe will continue to operate the SLS South Beach, which includes The Bazaar by Jose Andres, Katsuya by Starck and Hyde Beach, through 2030.
"The sale of SLS South Beach represents the successful evolution of sbe," said Sam Nazarian, Chairman and CEO of sbe and its subsidiary, SLS Hotels. "As the SLS brand continues to grow, we found a great owner in GoldenPeaks Capital Real Estate, which shares our vision for this world-class property."
The 140-room SLS South Beach opened in June 2012, marking the brand's premiere on the East Coast, complete with the exclusive roster of SLS partners Philippe Starck and Chef Jose Andres, along with key collaborators Lenny Kravitz and Chef Katsuya Uechi. The property has received many accolades including being recognized among the best hotels in South Beach by US News & World Report, USA Today, Travel + Leisure and Conde Nast Traveller, among others.
With its new growth strategy, sbe is embarking on a multi-year expansion plan. Set to open in 2015 is SLS LUX at Baha Mar in Nassau, The Bahamas. There are 12 other sbe hotel properties under development, including:
For more information on sbe and SLS Hotels, click here.
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