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SBE and Stockbridge Capital Group to Renovate and Rebrand The Sahara Hotel & CasinoMay 1, 2012 By: Newswire
SBE, a hospitality, lifestyle and real estate development company, and Stockbridge Capital Group, LLC, a real estate investment firm, announced they have secured $300 million in funding for the redevelopment of the Sahara Hotel & Casino into the SLS Las Vegas Hotel & Casino.
J.P. Morgan Securities, LLC raised the funds in less than two weeks, further boosting investor confidence in the project. The news of the funding marks a major milestone for Las Vegas and the north end of the Strip, signaling renewed economic growth for the community and the hospitality and gaming industries.
"Las Vegas has recovered steadily in the past year, and we're excited to be able to inject capital back into the local economy through the adaptive reuse of the famed Sahara," said SBE Founder, Chairman and CEO Sam Nazarian.
The renovation is anticipated to create thousands of local jobs beginning in the next two years.
The SLS Las Vegas will be created in collaboration between Nazarian, Phillipe Starck and James Beard award-winning chef Jose Andres. Gensler Architects and Las Vegas-based PENTA Building Group will assist in the redevelopment of the property. SBE named hospitality and gaming industry veteran Rob Oseland as President and Chief Operating Officer.
Once completed, SLS Las Vegas will feature a mixed-use resort and casino with more than 1,600 guest rooms and suites and a collection of SBE's restaurant and nightlife brands.
To learn more, visit www.sbe.com.