From the LVRJ: Goodbye Sahara, hello SLS Las Vegas.
Think of this as an implosion without the dynamite.
owners SBE Entertainment of Los Angeles and San Francisco-based private
equity group Stockbridge Real Estate said Monday they had completed the
process to acquire $300 million in financing that will return Sahara,
which was shuttered almost a year ago, into an operational north-Strip
hotel-casino sometime in 2014.
SBE Chef Executive Officer Sam
Nazarian the three existing hotel towers would remain, but two will be
"stripped down to their skeletons." A low-rise hotel structure will be
torn down, but the 2,500-space parking garage will remain.
Las Vegas will have roughly 1,600 rooms and operate as a "true boutique
resort," although it will be the largest SLS hotel in the company.
Gensler Architects and Penta Building Group have been hired to oversee
the renovation. Nazarian said plans have been completed and
construction work could begin by the end of summer. http://www.lvrj.com/business/good-bye-sahara-hello-sls-las-vegas-149609415.html
The good thing is that between the Sahara and the Linq where O'Sheas will used to stand, there will about $800 million worth of work on the Strip on just these 2 projects and that should help our economy, at least a little bit.