Miami, FL -Hospitality company SBE acquires Morgans Hotel Group which owns the iconic Delano South Beach for $794M deal today.
The new acquisition will change hands later this year after owner Morgans Group was acquired on May 9th, 2016 by SBE. The deal was for $794M and SBE acquired all Morgan’s 13 properties across the U.S. including Delano South Beach which SBE will take direct ownership, the Mondrian South Beach and the Shore Club Hotel for a while. The Shore Club hotel will transform into the well known Fasano Hotel.
Founder and chairman CEO of SBE Mr. Sam Nazarian announced that the merger is expected to be completed in the fall and there are no major plans to change the 194-rooms Delano South Beach and he expects that there will be some changes in the food and beverage sector.
Currently in Miami SBE owns the SLS South Beach, Redbury South Beach, Raleigh Hotel and will soon manage the Townhouse Hotel in Miami Beach in the summer. Also, SBE is opening in 2017 SLS Brickell, SLS Lux Brickell, Hyde Hotel and Residences Midtown and Hyde Beach Hollywood to be completed on 2019.
Once the acquisition of the Morgans Group Hotel is completed SBE will be the owner of 20 hotels in nine markets in the U.S.
Truly the purchase of Delano South beach is a great acquisition for SBE and as Mr. Nazarian said it “It’s so iconic.”
Love, Live Miami