SBE, the hospitality, lifestyle, and real estate development company led by Sam Nazarian, is nearing an agreement to merge with Morgans Hotel Group, The Wall Street Journal reports. According to people familiar with the matter, Nazarian is expected to assume the role of CEO of the combined company. Billionaire private equity investor Ronald Burkle, who owns preferred equity in Morgans, will have a board seat with the new firm, the sources said. The new entity would manage 19 hotels in cities like Los Angeles, New York, Miami, and London and would include the hotel brands SLS, Delano, and Mondrian. A deal could surface as early as this month, the article states.
