The Real Deal Miami

Sbe launches real estate development subsidiary

Along with CIM Group, sbe sold the SLS South Beach for $125M this week

June 11, 2015 12:45PM

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SLS Hotel South Beach

SLS Hotel South Beach

Los Angeles-based sbe launched its own international real estate development arm, Dakota Development, the hospitality company announced on Wednesday.

Sam Nazarian

Sam Nazarian, sbe founder, chairman and chief executive

Dakota Development will focus on planning, design, development, and construction management services to developers, lenders and other financial institutions, according to a press release. The company will also form a single-family home division for acquisitions, development and repositioning.

Dakota is leading sbe’s Hyde Hotels and Resorts brand, which has more than 25 properties planned over the next five years, including Hyde Resort and Residences in Hollywood Beach and Hyde Midtown.

This week, sbe and CIM Group sold the SLS South Beach Hotel for $125 million to GoldenPeak Capital Real Estate. Sbe will continue to operate the hotel through 2030. The hospitality company also operates the Raleigh Hotel in Miami Beach, which Tommy Hilfiger purchased in 2013— Katherine Kallergis