Los Angeles hotel-and-nightclub entrepreneur Sam Nazarian finally is getting closer to debuting his hotel brand in South Beach, Fla., thanks to a $65 million recapitalization.
Mr. Nazarian, known mostly for his glitzy L.A. nightclubs like Area, MI-6 and Hyde Lounge, bought the 132-room former Ritz Plaza in 2004 with plans to convert it into a hot spot for the ultratrendy under his SLS hotel brand. But the review process took longer than expected, and then it was delayed by the recession.
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