SLS South Beach sold for $125M to investors from Guernsey

The 140-room SLS Hotel South Beach has been sold for $125 million, or $892,857 per room, to investors from the island of Guernsey. The hotel was sold by sbe Entertainment Group and CIM Group to GoldenPeaks Capital Real Estate, an international real estate industry management company.

The price paid for the hotel was reported by The Real Deal.

As part of the sale, sbe will continue to operate the hotel, which includes The Bazaar by Jose Andres, Katsuya by Starck and Hyde Beach, through 2030. The deal underscores sbe's asset-light growth strategy focused on long-term management agreements. It follows the recent sale of SLS Beverly Hills.

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"The sale of SLS South Beach represents the successful evolution of sbe," said Sam Nazarian, chairman and CEO of sbe and its subsidiary, SLS Hotels. "As the SLS brand continues to grow, we found a great owner in GoldenPeaks Capital Real Estate, which shares our vision for this world-class property."

The SLS South Beach opened in June 2012.

sbe's current pipeline is robust with near-term openings such as the SLS LUX at Baha Mar in Nassau, The Bahamas. There are 12 other sbe hotel properties under development, including:

    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
    SLS LUX Hotel & Residences Washington DC
    SLS LUX Hotel & Residences Cabo – Murano Beach
    SLS LUX Hotel & Residences Cancun
    SLS LUX Hotel & Residences Mexico City – Polanco
    SLS LUX Hotel & Residences Puerto Vallarta
    SLS Hotel & Residences Punta Mita

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