Dec
05
SBE Closes Purchase of Morgans Hotel Group
ByThe transaction, valued at $805 million, more than doubles the number of hotels in the company’s portfolio.
Sam Nazarian, SBELos Angeles—In a transaction valued at $805 million, SBE, along with partners Yucaipa Cos. and Cain
Hoy Enterprise, has completed the acquisition of Morgans Hotel Group, SBE announced late last week. The transaction more than doubles the number of hotels in SBE’s portfolio.
The expanded company, which will continue to operate under the SBE names, controls a total of 135 assets, an SBE spokesperson told Commercial Property Executive: 22 hotels and residences (residences are connected to hotels), 71 restaurants and 42 nightlife venues…
