Sam Nazarian, founder and CEO of sbe hospitality and entertainment group, announced on December 1 the definitive closing of sbe’s acquisition of Morgans Hotel Group, an $805 million deal that more than doubles their hotel portfolio, bringing the total to more than 100 properties currently operating or in development.
In 2013, nearly 20 years after Morgans Hotel Group debuted the Delano in South Beach, re-energizing the neighborhood and ushering in the era of the boutique hotel as social gathering space, SLS South Beach opened across the street on Collins Avenue with the same iconic French designer, Philippe Starck. The merger means these two competing properties are now part of the same family.
The Delano was a marquee hotel under Morgans, which rose to prominence in the ‘90s and 2000s led by Ian Schrager with flashy design hotels including New York’s Hudson Hotel, San Francisco’s The Clift and the Mondrian in South Beach, Los Angeles and London.
From hotels and residences to restaurants, entertainment and nightlife, guests can stay, play, eat and indulge, all within our portfolio of assets.
Sbe group debuted the SLS in Beverly Hills in 2008, and has expanded its reach to two hotels in Miami, including the SLS Brickell, which just opened in November, as well as Las Vegas and the Bahamas. Sbe’s hospitality collection is also inclusive of The Redbury hotels, Hyde Lounge and Katsuya restaurants.
“From hotels and residences to restaurants, entertainment and nightlife, guests can stay, play, eat and indulge, all within our portfolio of assets,” says Nazarian who closed the Morgans acquisition in partnership with Ron Burkle and Cain Hoy Enterprises. “Sbe will now have a presence from San Francisco to Doha; Los Angeles to London.”
Four additional hotels are expected to open in 2017, including Mondrian Doha, SLS New York and Seattle and Hyde Hotel and Residences, South Florida. An additional nine hotels are planned within the next two years, bringing sbe’s portfolio to 35 hotel properties by the end of 2018.