Luxury Hotel SLS Beverly Hills on the Market

Sam Nazarian, the Los Angeles restaurant and nightclub owner, is putting his SLS Beverly Hills luxury hotel on the market as part of a strategy to cash in on the company’s real estate investments and focus on its management operations.

The Southern California property may fetch more than $700,000 for each of its 297 rooms, according to Nazarian, founder and chief executive officer of SBE Entertainment Group LLC, SLS’s parent company. SBE and its partner, Los Angeles-based CIM Group, also are in talks with three potential buyers for the 140-room SLS Hotel South Beach in Miami Beach, Florida, Nazarian said.