SLS Beverly Hills sells for $195 million

SBE, led by Sam Nazarian, has sold the SLS Beverly Hills for $195 million, or around $656,500 per key, to hotel firm Sunrider International. The 297-room luxury hotel opened in 2008. The hotel was reportedly put up for sale a year ago as part of SBE's strategy to reduce real estate holdings while expanding its management contract business.

According to Atlas Hospitality, investors bought 399 California hotels for a total of $5.1 billion in 2014.

Sunrider was founded by an herbalist born in Taiwan, according to Westside Today. It makes nutritional supplements, beauty products, weight loss drinks, household cleaners and other food supplements, beauty supplies and other products distributed in more than 40 countries. It also has a hotel chain called Sunworld Dynasty that owns and operates three hotels in Beijing and Taipei.

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The privately owned company also recently purchased the St. Ermin’s Hotel in London.

 

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However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.