San Mateo, California-based Stockbridge Real Estate Funds and Los Angeles-based SBE Entertainment have completed their acquisition of the Sahara Hotel and Casino in Las Vegas from Gordon Gaming Corporation. Terms of the transaction were not disclosed.
“We have an exciting vision for this property,” Sam Nazarian, chief executive officer of SBE, said in a statement. “Our hotel group and restaurant and nightlife group, with their successful track records in property repositioning, are focusing their efforts on creating a location that will change the landscape of the northern Strip.”
In March, Stockbridge had announced that it was working with SBE to acquire the Sahara casino. The new owners plan to renovate the property, which sits on a 17.5-acre lot on the north end of the Strip and has 1,720 rooms.
The hotel will be managed by SBE Hotel Group, a subsidiary of SBE Entertainment, and the casino will be operated by Las Vegas-based management company Navegante Group.
SBE has restaurant, nightclub, independent film and real estate development arms, while Stockbridge has invested more than $7.6 billion in institutional real estate since its formation in 1994.