Hospitality Co. SBE Plans $85M NYC Luxury Hotel

Law360, New York (July 18, 2012, 3:36 PM EDT) -- Los Angeles developer Sam Nazarian's hospitality company, SBE Entertainment Group LLC, has made its first foray into Manhattan, purchasing an office building in southern Midtown with plans to convert it into a luxury boutique hotel for $85 million, a person familiar with the deal said Wednesday.

The company acquired the 100,000-square-foot building in the increasingly trendy neighborhood for about $45 million in connection with New York-based Moin Development Corp. The collaboration plans to renovate the the property, on the corner of 30th Street and Park Avenue...
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