SBE Buys Le Meridien Property in Los Angeles

Le Meridien Hotel at Beverly Hills was purchased by Los Angeles nightclub owner and hotelier Sam Nazarian’s SBE Hotel Group from Le Meridian Hotels & Resorts, SBE said.

The price was not disclosed, but a real estate source said SBE paid about $90 million for the 297-room property.

Le Meridien bought the hotel for about $80 million in 1999. The property, which opened as Hotel Nikko at Beverly Hills in 1991, will continue to operate as a Le Meridien for the time being, the buyers said.