Sam Nazarian is selling his 10% stake in the SLS Las Vegas, reports The Wall Street Journal. The deal makes Stockbridge Capital Group the 100% owner of the property and converts Nazarian’s SBE Entertainment Group management contract into a licensing deal that preserves the SLS brand name on the property.
As part of the agreement, the hotel’s employees will continue to work at the property and will report to Stockbridge.
“The resort remains a valued member of the expanding collection of SBE branded and managed luxury hotels across the country and the globe,” said Nazarian in a statement.
According to a regulatory filing, the owners of SLS Las Vegas reported a net loss of nearly US$84 million during the first six months of 2015.