LAS VEGAS, NV /PRNewswire/ -- sbe, an industry-leading hospitality, lifestyle and real estate development company, and Stockbridge Capital Group, LLC, a real estate investment firm, announced they have secured $300 million in new funding for the redevelopment of the Sahara Hotel & Casino (top left photo) into the highly anticipated SLS Las Vegas.
The news of the funding marks a major milestone for Las Vegas and the north end of the Strip, signaling renewed economic growth for the community and the hospitality and gaming industries.
J.P. Morgan Securities LLC raised the funds in less than two weeks, underscoring investor confidence in the project and in sbe's track record of operating successful hotel, restaurant and nightlife brands. The redevelopment is anticipated to create thousands of local jobs beginning in the next two years.
"We see the northern end of the Strip as the future of Las Vegas, and we're pleased to be positioned at the forefront of that growth," said sbe Founder, Chairman and CEO Sam Nazarian (lower right photo).
"Las Vegas has recovered steadily in the past year, and we're excited to be able to inject capital back into the local economy through the adaptive reuse of the famed Sahara."
For a complete copy of the company’s news release, please contact:
Web Site: http://www.sbe.com
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