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Maybe Now the SLS South Beach Will Finally Get Going

January 12, 2011 at 8:46 AM | by | Comments (0)

Just a week after we wrote about the dismal renovation progress at the SLS South Beach comes news that Sam Nazarian's SBE company has landed a major new partner with deep pockets, Colony Capital.

The Wall Street Journal reports that Colony bought a minority stake for about $35 million and will assume two seats on the SBE board. SBE includes Nazarian's nightlife and restaurant operations as well as hotels like the SLS Hotel in Los Angeles and The Redbury in Hollywood.

Nazarian told the WSJ that Colony wil be SBE's "go-to partner going forward for individual equity needs by asset." So we're guessing that work on the SLS South Beach can really ramp up now. But the Sahara in Las Vegas may not be so lucky.

Word is SBE is buying a site in NYC for a 120-room boutique hotel. And we're guessing that's going to take priority over renovating and rebranding a property in Vegas with thousands of rooms. Sigh. It's Sam's world and we're just living in it.

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