Sam Nazarian, founder and CEO of SBE Entertainment Group, has agreed to sell his minority stake in the SLS Las Vegas hotel, which opened in August 2014. His company will also give up management of the company, according to The Wall Street Journal.
Stockbridge Capital Partners, the company that already owns 90 percent of the hotel, has agreed to purchase the other 10 percent from Nazarian. As part of the agreement, the hotel’s employees will continue to work at the company, but will now report to Stockbridge.
SBE will no longer collect management fees from the hotel, but will continue to receive licensing fees for the brand, notes the article. The hotel will remain an SLS hotel through a franchise agreement with SBE.
