LOS ANGELES, May 5, 2015 — sbe, the Los Angeles-based creative hospitality company that develops, manages and operates award-winning hotels, restaurants and nightlife, announced today the sale of one of its portfolio assets, SLS Beverly Hills, to Sunrider International, a family-owned health and beauty company.
Keeping in line with sbe’s current growth strategy of focusing on long-term brand management and operating agreements, the hotel’s ownership group (which included sbe and the Nazarian family) seized the opportunity to sell its flagship SLS property in an expanding market while remaining onboard as the brand operator.
“The sale of SLS Beverly Hills represents the successful evolution of sbe,” said Sam Nazarian, Chairman and CEO of sbe and its subsidiary SLS Hotels. “We saw an opportunity that is beneficial to SLS Beverly Hills, as well as the growth of the SLS Hotels brand as a whole.”
The 297-room SLS Beverly Hills opened in November 2008 as part of The Luxury Collection Hotels & Resorts brand, managed by Starwood Hotels & Resorts Worldwide, Inc., with design by Philippe Starck and a culinary program crafted by James Beard Award-Winning chef Jose Andres. The property has been an AAA Four Diamond Award recipient since 2009. Other accolades include being named to Conde Nast Traveller’s Top 25 Hotels in Southern California in December 2013 and US News & World Report’s #18 in a list of Best Hotels in Los Angeles in January 2014.
“Since acquiring SLS Beverly Hills, we have challenged every traditional convention of luxury hospitality,” Nazarian said. “Selling the hotel represents an excellent value for sbe and Sunrider International, which shares our vision for this world-class property.”
During the past seven years, sbe has implemented a strategy to add value to the asset, working closely with Starwood to strengthen its average daily rate and occupancy, as well as emphasizing its Food and Beverage and Special Events components. The strategy proved to be a success, positioning the hotel at the top of its competitive market and playing a major role in promoting it as one of the most desired hotels, both for dining and special events.
The sale follows a recent sbe announcement naming five new locations for SLS Hotels with its expansion into Mexico. sbe presently has 11 new projects in various stages of development, construction and negotiation. Those projects include a total of 1,893 hotel rooms and 2,230 residences throughout the world.
Set to open in summer 2015 is SLS LUX at Baha Mar in Nassau, The Bahamas. Seven other sbe hotel properties under construction include:
- SLS Park Avenue, New York is slated to open in the first quarter of 2016
- SLS Hotel & Residences Brickell is slated to open in Miami in 2016
- SLS LUX Hotel & Residences Brickell is slated to open in 2017
- SLS Seattle is slated to open in 2017
- SLS LUX Hotel & Residences Philadelphia is slated to open in 2017
- Hyde Hotel & Residences Hollywood, FL is slated to open in 2017
- Hyde Hotel & Residences Midtown Miami is slated to open in 2017
For more information on sbe and SLS Hotels, click here.
