LOS ANGELES—The SLS South Beach has been sold to GoldenPeaks Capital Real Estate, an international real estate industry management company, by sbe, the creative hospitality company based here, and CIM Group, a leading real estate fund manager. The sale price was not disclosed.
According to sbe, the deal underscores its newly implemented growth strategy of focusing on long-term management agreements, and follows the recent sale of SLS Beverly Hills.
As part of the sale, sbe will continue to operate the SLS South Beach, which includes The Bazaar by José Andrés, Katsuya by Starck and Hyde Beach, through 2030.
“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 140-room SLS South Beach opened in June 2012, marking the brand’s premiere on the East Coast, complete with the exclusive roster of SLS partners Philippe Starck and Chef José Andrés, along with key collaborators Lenny Kravitz and Chef Katsuya Uechi.