Friday, March 9, 2007 | midnight
One of the Strip's historic casino properties is being sold to a Los Angeles-based partnership that includes a Hollywood producer.
The Sahara Hotel & Casino was sold to SBE Entertainment Group LLC and Stockbridge Real Estate Funds. Financial terms were not released, but published reports said the deal was valued at between $300 million and $400 million.
SBE's chief executive is Hollywood film producer Sam Nazarian, who will manage the hotel and its food and beverage operations.
Larry Woolf of Navegante Group has been contracted to manage the casino when the deal closes. Carlton Geer, executive vice president of the global gaming group of CB Richard Ellis, which assisted in the sale, said the deal includes the hotel property, but not 26 acres on the southwest corner of Las Vegas Boulevard and Sahara Avenue or the 12.3 acres east of the property on Paradise Road.
Those remain on the market and are the subject of ongoing talks, Geer said. Nazarian said in a statement he plans "to reposition this legendary property for a new generation of travelers while preserving its existing scale."