The Real Deal Miami

Sam Nazarian finds lender for Miami Beach SLS hotel project

November 16, 2011 02:22PM

Los Angeles hotelier Sam Nazarian, who plans to open a new SLS at the
former Ritz Plaza in Miami Beach next year, has obtained a $51.2 million
construction loan for the project, according to the Wall Street Journal.
The hotel, which will feature a restaurant from chef Jose Andres, along
with a Hyde Beach lounge, will have several units designed by
rocker-turned-designer Lenny Kravitz
. The loan, which came from a Lowe
Enterprises Investors pension fund, covers approximately 63 percent of the
costs of the project. [WSJ]