Sam Nazarian finds lender for Miami Beach SLS hotel project

November 16, 2011 02:15PM

The hotel is set to open in 2012

 

Los Angeles hotelier Sam Nazarian, who plans to open a new SLS at the former Ritz Plaa 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, is approximately 63 percent of the costs of the project. [WSJ]
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