SLS Las Vegas sold to owner of Reno resort-casino - FOX5 Vegas - KVVU

SLS Las Vegas sold to owner of Reno resort-casino

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The exterior of SLS Las Vegas appears on Aug. 23, 2014. (FOX5) The exterior of SLS Las Vegas appears on Aug. 23, 2014. (FOX5)
LAS VEGAS (FOX5) -

SLS Las Vegas is getting its third different owner since the former Sahara reopened on the Strip three years ago.

On Wednesday, the Meruelo Group, which currently owns Reno, Nevada's Grand Sierra Resort and Casino, announced an agreement to buy the north Strip property from Stockbridge Real Estate, which took part in the purchase of the Sahara back in 2007. Terms of the deal were not immediate disclosed.

In the SLS Las Vegas, Meruelo Group, which is headed by namesake chairman/CEO Alex Meruelo, obtains a property that opened to anticipated fanfare in 2014 but has since seen a shuffle of ownership and businesses inside the resort.

Stockbridge and SBE Entertainment president Sam Nazarian purchased the property in 2007 with plans to shut it down and renovate. In 2011, the Sahara closed after 59 years in business.

The hotel reopened with a brighter, boutique feel inside, offering cleaner looking rooms and amenities.

Nazarian opted to sell his share of the hotel to Stockbridge in a deal that also included franchising the SLS name to the hotel. Since that deal, a portion of the hotel was converted to the W Hotels brand.

It is not known whether the SLS franchise agreement carries over to Meruelo Group. 

The Meruelo Group holds interests in diverse industries. Under hospitality and gaming, the firm owns the Grand Sierra resort-casino in Reno, which it purchased in 2011.

Copyright 2017 KVVU (KVVU Broadcasting Corporation). All rights reserved.

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