BEVERLY HILLS—SLS Beverly Hills hotel has been sold for $195 million to the Sunrider International hotel firm.

The SLS was created by Sam Nazarian, a well known entrepreneur in the Los Angeles hospitality scene and the owner of the SBE group. In 2008, the doors opened to the 297-room hotel at a time when the hospitality market was in a decline. As the economy picks up, the desire for purchasing property in Los Angeles has increased by investors.

As the economy begins to increase, investors are buying lucrative property.

Nazarian decided to put the SLS Bevery Hills up for sale over a year ago. For SBE, this would allow an increase in contracts and bring in more hotels for them to manage.

“Since acquiring SLS Beverly Hills, we have challenged every traditional convention of luxury hospitality,” said Sam Nazarian, Chairman and CEO of SBE and its subsidiary SLS Hotels. “Selling the hotel represents an excellent value for SBE and Sunrider International, which shares our vision for this world-class property.”

Sunrider International is a Taiwanese based company that sells health, beauty and household items. Although SLS hotel has been sold, Nazarian and the Starwood Hotel & Resort, which manages the hotel, will still operate the SLS Beverly Hills as a standard SLS hotel.