LAS VEGAS--(BUSINESS WIRE)--sbe, an industry-leading creative hospitality company that develops, manages and operates award-winning hotels, restaurants and nightlife, announced that they will officially break ground on SLS Las Vegas.
“This investment will create thousands of jobs, infuse millions into the local economy, and help bring new energy to the north end of the Strip. I have supported this project from the outset and am so pleased that SLS Las Vegas is officially breaking ground.”
Slated to open in fall 2014, the redevelopment of SLS Las Vegas is expected to infuse $400 million into the local economy, as well as create a projected 8,600 direct and indirect jobs. Stockbridge Capital Group of San Francisco is an equity partner in the project.
“It’s a proud day for sbe, our partners at Stockbridge and the Vegas community as we embark on a historic chapter for SLS Las Vegas,” said sbe Founder, Chairman and CEO Sam Nazarian. “We’re very excited to deliver a new idea to Vegas in terms of brands, approachability, operations and infrastructure, and to achieve our goal of helping to revitalize the North End of the Strip.”
sbe has owned and operated the property for seven years, four as the Sahara, and during that time has grown into a national and international hospitality company. Having built a reputation for successfully re-imagining historic structures and helping to rebuild iconic neighborhoods, sbe will employ its philosophy of adaptive reuse in redeveloping the property, an approach the company pioneered in Los Angeles and Miami.
“sbe and SLS Hotels properties will be operational in every core urban market in America by the time SLS Las Vegas opens, which is an advantage no other hotel-casino owner on the Strip has,” added sbe President Sam Bakhshandehpour. “Through our strategic expansion into markets like Miami, Philadelphia, Seattle, Boston, Houston and New York, we’re able to build considerable consumer awareness for the SLS Las Vegas product on a national scale.”
Destined to become one of the most energetic hotels on the Las Vegas Strip, SLS is a high-style collaboration between Nazarian, renowned design icon Philippe Starck, James Beard award-winning chef and SLS Hotels’ Culinary Director José Andrés and globally acclaimed Gensler Architects. Once complete, SLS will be a fully-integrated, entertainment-driven resort and casino with more than 1,600 guest rooms and suites.
“Last year, more visitors traveled to Las Vegas than ever before and SLS Las Vegas will appeal to the millions of global travelers that come to our city for its undisputed accommodations,” said Nevada Senator Harry Reid. “This investment will create thousands of jobs, infuse millions into the local economy, and help bring new energy to the north end of the Strip. I have supported this project from the outset and am so pleased that SLS Las Vegas is officially breaking ground.”
“We’re creating a mix of approachable offerings with established brands under one roof that are managed and owned by one company,” said Nazarian. “As a result we’re able to align operations and program a seamless guest experience throughout every square foot of the property.”
Among key elements of SLS Las Vegas will be a collection of restaurant concepts including The Bazaar by José Andrés, Katsuya by Starck and Umami Burger. Also joining the restaurant collection is The Griddle Café, which has taken on a cult-like status in LA for its acclaimed breakfast, lunch, dessert and cocktail menus.
SLS Las Vegas will offer four nightlife experiences, including a reinvention of sbe’s original nightlife concept, Shelter, and The Sayers Club, regarded as Los Angeles’ most exclusive live music venue. The property also will offer a 10,000-square foot Fred Segal retail experience, featuring seven Fred Segal-branded boutiques, with a wide range of stylish merchandise across various categories. Fred Segal will be the exclusive retailer for SLS Las Vegas.
“With our proximity to a resurgent downtown community and the convention center, and our mix of nationally relevant brands, SLS is ideally positioned to appeal to locals, destination tourists and conventioneers,” added President of SLS Las Vegas, Rob Oseland. “Today is a day we’ve all been waiting for, and we’re thrilled to be a part of reinvigorating a legendary section of the Strip.”
SLS Las Vegas will join sbe’s family of existing hotel properties including SLS Hotel Beverly Hills and The Redbury in Los Angeles, and The Raleigh and SLS Hotel South Beach (touted as one of the top hotel openings of 2012) in Miami. sbe has forthcoming hotel and restaurant projects currently in development in New York, Chicago, Washington D.C., Seattle, Philadelphia, Austin, the Middle East and Asia.
sbe is a creative hospitality company that develops, manages and operates award-winning hotels, restaurants and nightlife. Through exclusive partnerships with cultural visionaries, sbe is dedicated to delivering the best in design, culinary and entertainment. Already a proven leader in the hospitality and real estate industries, sbe has over 70 properties currently operating or in development, and has expanded several of its flagship brands including SLS Hotels, Katsuya by Starck, The Bazaar by José Andrés and Hyde Lounge nationally and internationally. Founded in 2002 by Chairman and CEO Sam Nazarian, sbe is a privately held company. More information about sbe can be obtained at www.sbe.com, or by downloading the sbe App here.
ABOUT STOCKBRIDGE CAPITAL GROUP
Stockbridge Capital Group, LLC (together with its affiliates, "Stockbridge") is a real estate investment management firm, which had approximately $5.2 billion in real estate and real estate-related assets under management as of September 30, 2012. Stockbridge's investment portfolio comprises more than 30 million square feet of existing office, industrial, retail, hospitality and residential properties throughout the United States. In addition to real estate ownership, Stockbridge also specializes in large-scale development and redevelopment projects.
Stockbridge is headquartered in San Francisco with offices and personnel in Chicago, New York, Los Angeles and Atlanta. For more information, please visit www.stockbridgerealestate.com.