Stockbridge Capital group, LLC, a real estate investment firm and SBE, a leading hospitality, lifestyle, and Real Estate Development Company have announced that they have successfully secured $300 million for the upgrading, and the re-development of the Sahara Hotel and Casino to the proposed SLS Las Vegas. The announcement of this breakthrough marks an important point for the north-end strip of Las Vegas, as it will lead to economic- growth for the community through revenue generated from the gaming and hospitality industries.
The fund for the construction of the mega-project was raised by J.P. Morgan security LLC in less than two weeks. The short time-span with which the money was raised further underscored investor confidence in the project. Investor sentiments were fueled by the fact that SBE has had an impressive record in operating successful hotels, restaurants, and other nightlife brands.
The C.E.O and founder of SBE, Sam Nazarin, was bullish about the prospects of the project. Speaking after the announcement of the deal, he had this to say;
“We see the northern end of the strip as the future of the city of Las Vegas, and we are very pleased to be at the fore-front position of that growth”
Terry Fancher, the Executive managing director of Stockbridge Capital group had this to say about the new project;
“This project brings a new energy level to the northern end of the strip and will ultimately spur the economic rebound of the city of Las Vegas”
U.S senator Harry Reid was almost optimistic about the prospects of the project for the local economy.
“The City of Vegas is a premier tourist attraction destination in the world, and Las Vegas provides premier services for the hotel and accommodation like no other place.” Said the U.S senator. He further praised Sam, for initiating the project as it will be instrumental in creating thousands of jobs.
All indications from casino news show that SLS Vegas will be among the best in the world. The designer for the project is the renowned designer, and icon Philippe Starck, and award winning chef José Andres. The project will be the largest ever designed by Philippe Stark. SLS Vegas will also feature an all-encompassing, mixed use casino and resort that will be able to accommodate more than 1600 guest rooms and suits. It will also feature SBE acclaimed nightlife brands and restaurants. Other features expected at the new club include the Bazaar by Jose Andres, and the reinvention of the original nightlife concept.
Rob Oseland, a veteran gaming, and industry veteran will be the president and the chief operating officer of the SLS Las Vegas. Oseland previously headed the Wynn Resorts. In his role, he will work in conjunction with Nazarin and SBE in the development and launch of the SLS Las Vegas. Speaking after the announcement of his new role, Oseland was excited about the new venture.
“I’m thrilled to be working with SBE to usher in the new era in Vegas” said Oseland. He further said that together, they will develop SLS Vegas as an integrated resort for gaming and that will ultimately re-energize the north end of the strip.
Part of the expansion platform
This project is part of SBE expansion platform. Over the last eighteen months, SBE has opened a new hotel brand in Hollywood, expanded its Katsuya brand nationwide in the cities of Houston, Orange County, Miami, and San Diego. According to Nazarin,
“The SBE platform has made it possible to create a new vocabulary in the lifestyle hospitality; we believe that our clients will respond powerfully to our services”