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$300M SLS Condo-Hotel in Miami

Mar 13, 2013, 7:01am EDT Updated: Mar 13, 2013, 7:32am EDT

Jorge Perez, Sam Nazarian to build $300M SLS condo-hotel in Miami

 

Jorge Perez's The Related Group is partnering with Sam Nazarian on a new condo-hotel in Miami.

Reporter- South Florida Business Journal
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Jorge Perez’s The Related Group and Los Angeles nightclub entrepreneur Sam Nazarian will develop a $300 million SLS Brickell condo-hotel in Miami.

The Wall Street Journal reports that Nazarian’s SBE Entertainment Group and Related will own the 133-room hotel together. Related will develop the 450 SLS-branded condos on top of the hotel.

The condo-hotel at 1300 S. Miami Ave. is slated to open in 2015, according to The Miami Herald.

Foreign buyers are anticipated to purchase the majority of the condos, with pricing at more than $500 a square foot or an average of more than $600,000 per unit, the Journal reported.

The hotel, which will be designed by Philippe Starck, will have 15,000 square feet of meeting space, restaurants by chefs Jose Andres and Michael Schwartz, a spa and two pools, according to the Journal. Rates are to be in the high $200s per night.

With this project, SBE will have three hotels in Miami and six in the U.S.

Oscar Pedro Musibay covers real estate
http://www.sanlorinproperties.com



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