Nazarian Hotel Empire Expands

Sam Nazarian’s SBE has agreed to buy Morgans Hotel Group in a deal valued at $794 million. The deal will give billionaire Rob Burkle, whose Yucaipa Cos. has a stake in Morgans, equity in SBE, Bloomberg reports. Also taking an equity position in the Los Angeles hotel operator is Cain Hoy Enterprises. Nazarian is said to retain a majority interest.