LAS VEGAS—Stockbridge Capital Partners, the San Francisco-based investor that owns 90% of the SLS Las Vegas hotel on the Las Vegas Strip, has agreed to buy the remaining 10% owned by Sam Nazarian and his family, according to a report in the Wall Street Journal.
As part of the agreement, the hotel's 2,354 employees will continue to work at the property, but will now report to Stockbridge instead of SBE Entertainment Group, the company founded by hotelier Nazarian.
SBE no longer will collect management fees from the hotel, though it will continue to receive licensing fees for the brand. In addition, the 1,620-room hotel will remain an SLS hotel through a franchise agreement with SBE.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
