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SBE Hotel Gets Financial Backing

SBE has received $33 million in preferred equity for development of a 297-room hotel in Beverly Hills. The SLS Hotel at Beverly Hills is slated for a November opening after three years of work. SBE purchased the Le Meridien at Beverley Hills in 2005 with plans to completely redo the property and now has the backing of Lowe Enterprises Investors–a fund that specializes in equity for commercial and hospitality properties.