Los Angeles hospitality firm SBE Entertainment Group completed a $82 million acquisition of Morgans Hotel Group, the New York City company behind iconic hotel brands such as the Delano in Miami Beach and West Hollywood’s Mondrian, SBE announced on Dec. 1.
SBE, which owns the SLS hotel chain that includes hotels in Beverly Hills and Las Vegas, will now have 22 hotels internationally and be worth around $805 million.
The deal was originally announced in May.
“SBE will now have a presence from San Francisco to Doha; Los Angeles to London,” said Sam Nazarian, founder and chief executive of SBE, in a statement.
Retail and hospitality reporter Caroline Anderson can be reached at firstname.lastname@example.org. Follow her on Twitter @Caroline_Mander.