SLS New York Secures New Financing, Will Bring Culinary Innovator Jose Andres to Starck-designed Hotel

With $109 Million in New Financing, Park Avenue Property Slated for Summer 2016 Debut

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Jul 08, 2015, 09:00 ET

NEW YORK, July 8, 2015 /PRNewswire/ -- sbe, the global hospitality and entertainment company, announced today that it has completed a $109 million financing with Fortress Investment Group for SLS New York, the 190-room luxury lifestyle hotel at 444 Park Avenue South.

SLS New York, slated to open in summer 2016, also confirmed that James Beard Award-winning chef José Andrés will open his renowned concept, The Bazaar by José Andrés, his first New York City restaurant, in the hotel.

"We've always had exciting plans for this one of a kind property and we're delighted to have Fortress, José Andrés and Philippe Starck aboard as partners,'' said Sam Nazarian, Chairman and CEO of sbe. "With solid foundational partners like these, we fully expect to deliver an unparalleled experience for our guests when we open next summer.''

SLS New York will have 190 guest rooms and suites, with the return of sbe's iconic lounge concept, SBar, in the basement and an additional rooftop lounge and event space. The team behind the project includes equity partner Manhattan-based Moin Development, visionary designer and longtime sbe collaborator Philippe Starck and sbe's development arm, Dakota Development.

Commented Andrés, "I'm incredibly excited to bring our Bazaar concept to New York, where I started the U.S. chapter of my career 24 years ago and a city I've long wanted to return to. The power and energy of New York are unlike anywhere else."

SLS New York is one of 11 sbe projects in various stages of development, construction and negotiation. Those projects, which range from Seattle to Florida, include nearly 1,900 hotel rooms and 2,230 residences.

ABOUT SBE:
sbe is a global hospitality and real estate company that develops, manages and operates award-winning hotels, casinos, residences, restaurants and nightlife around the world. Through exclusive partnerships with cultural visionaries, sbe is dedicated to delivering the best in design, culinary and entertainment. Already a proven leader in the hospitality and real estate industries, sbe has over 80 properties currently operating or in development, and has expanded several of its flagship brands including SLS Hotels, Katsuya by Starck, The Bazaar by José Andrés and Hyde Lounge nationally and internationally. Founded in 2002 by Chairman and CEO Sam Nazarian, sbe is a privately held company. More information about sbe can be obtained at www.sbe.com.

SOURCE sbe