by admin | May 6, 2015 | Uncategorized
The luxury Beverly Hills SLS luxurious hotel created by hotel and nightclub mogul Sam Nazarian has been sold for $195 million to Torrance multilevel marketing and hotel firm Sunrider International. SBE the company owend by Nazarian opened the 297-room hotel in 2008 right when the hospitality industry was going into a recession. The hotel business has since rebounded and investors have picked up high-end Southern California properties at high prices recently. The five-star Montage Laguna Beach sold for $360 million in January which was a record $1.4 million per room for a California hotel. Also, the 47-room Malibu Beach Inn traded for $79.9 million in February, and the trendy 182-room Ace Hotel in downtown Los Angeles just sold for $103 million. This year’s sales are building on a 2014 trend that saw real estate investors rush into the hotel business as tourism and business travel surged. The Los Angeles Real Estate market is as hot as ever and it is not showing any signs of slowing...
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