With acclaimed hotels and residential buildings, as well as hot clubs and tough-to-get into restaurants, Sam Nazarian's SBE Group continues to bet on South Florida.
Sam Nazarian is the founder and chief executive officer of SBE, a lifestyle hospitality company that develops, manages, and operates hotels, restaurants, and nightclubs all over the world. Noted for brands such as SLS, Hyde, and the Redbury, SBE now has more than 100 properties open or in development, with Nazarian expanding the company into cities such as Philadelphia, Seattle, and Dubai—while also increasing its already booming presence in South Florida, as evidenced by the opening this past month of SLS Brickell.
It seems we’re seeing your name more and more lately attached to projects in South Florida. Why is this area so important to you? South Florida is an exciting area. Like Los Angeles, where we have multiple outlets and hotels, it’s a perfect canvas for us to be able to deploy a lot of our brands and show our customers and partners the value-add of being able to experience so many different entertainment, hospitality, and culinary opportunities. Florida is also one of the best pro-business states in the country. With the Morgans Hotel Group acquisition, we should be one of the largest hospitality operators in that market.
SBE has partnered with Related Group on many local projects. What makes that collaboration so successful? The secret on our side is working with a titan—our collaboration with Mr. Jorge Pérez. He is head and shoulders above any developer that we’ve ever worked with. His allowing us to become his hospitality partner was one of the best milestones in my career. But more importantly, Related’s commitment—to Miami, the arts, the community, to giving back more than they take—really works hand in hand with our mission as a company.
You recently broke ground on Hyde Beach House—another Related partnership—which is over 70 percent sold. How did you achieve that? People know that when they buy a Related project, they’re getting the best. Plus, with the collaboration with Hyde, the owners at Beach House have access to SBE as a whole, whether they go to South Beach, Brickell, the Bahamas, New York, Las Vegas. They have a tremendous amount of access and value that other stand-alone condos can’t give.
SLS South Beach’s signature silver duck suns himself beside the pool.
What are your predictions for South Florida’s real estate market in 2017? There have been a lot of new projects coming to the market. The good ones have done very well. From a long-term approach, South Florida is still one of the best values you can get in the country, both on a price-per-square-foot basis and a product basis. The area will continue to grow.
What’s next for SBE in South Florida? We’re excited about opening the four other towers that we have post-SLS Brickell and getting into communities like Midtown and the Design District, continuing to work in Hallandale and Hollywood, and discovering areas like Fort Lauderdale. We’re digesting all these amazing projects we have coming online.
How do you plan to spend New Year’s Eve? We have a winter home in Big Sky, Montana, at the Yellowstone Club, so the odds are we’re going to take our 10-month-old daughter and introduce her to some snow.