Sam Nazarian’s SBE sold its luxury SLS Beverly Hills hotel as the company focuses on managing properties and licensing its brands rather than owning real estate.
The 297-room SLS Beverly Hills was purchased by closely held Sunrider International for about $200 million, said Brittany Mathieu, a spokeswoman for Los Angeles-based SBE. The hotel, which opened in 2008 and is managed by Starwood Hotels & Resorts Worldwide Inc., will retain its name, according to a statement Monday.
“We saw an opportunity that is beneficial to SLS Beverly Hills, as well as the growth of the SLS Hotels brand as a whole,” Nazarian, chairman and chief executive officer of closely held SBE, said in the statement.
The deal is part of a strategy to cash in on SBE’s real estate investments and focus on its management operations, Nazarian said when he announced the planned sale a year ago. SBE, which also owns Hyde nightclubs and the Katsuya and Cleo restaurant brands, has said it wants to build SLS into a chain of boutique hotels that would attract high-end leisure and business travelers.
Next year, Nazarian plans to open the SLS Hotel & Residences Brickell in Miami and a hotel project on Park Avenue South in New York. Properties are also planned for Philadelphia and midtown Miami, with openings scheduled for 2017.
Sunrider International, founded by Tei-Fu Chen, manufactures nutritional supplements and weight-loss, beauty and household products. The Chen family also owns Sunworld Dynasty Hotel Group, which has properties in Beijing, Taipei and London, according to the statement.