Nightclub owner hits obstacles in hotel market
Though Sam Nazarian has found fame and success as the owner of some of Los Angeles' hottest nightclubs, his efforts to find the same success with high-end hotels have hit plenty of obstacles. Nazarian's SLS chain has purchased three properties -- the former Le Meridien in Beverly Hills, the Sahara casino-hotel in Las Vegas and the 119-room former Ritz Plaza hotel in Miami's South Beach -- and the lodging slump has caused big delays in renovations and plans for the properties.
Wall Street Journal, The | 11/04
This story published in AH&LA SmartBrief on 11/04/2009
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