sbe selected for "5th & I" Project at 901 5th Street to develop mixed-use property.
WASHINGTON – The Peebles Corporation, a national real estate development and investment company with $5 billion in completed and current developments, has selected sbe, the Los Angeles-based leading lifestyle hospitality company to debut SLS Lux Hotel & Residences, Washington D.C’s first SLS property. Industry-leader sbe, along with sbe’s real estate subsidiary, Dakota Development, will develop, manage and operate the mixed-use development located at 901 5th street, also known as “5th and I.” The collaboration notably marks the award-winning global hospitality group’s entrance into the D.C. market.
Located in heart of D.C’s most desirable residential neighborhood, SLS Lux Hotel & Residences will offer a refined community and guest experience that perfectly pairs with the dynamic culture, sophisticated consumers and vibrant nightlife and restaurant appeal of its surrounding streets. SLS Lux will be comprised of 198-key hotel and 59 branded condominium residences, offering exquisitely designed interiors, ultimate access and concierge service, privacy and exclusivity, award-winning and celebrated restaurants, and unmatched amenity benefits. SLS Lux will be designed to indulge the most discriminating clientele and appeal to the areas rapidly growing need for enticing residential properties that are elegant and excite the consumer. Residences will have preferred access to all SLS properties worldwide.
“sbe, particularly the SLS brand, has a track record of not only delivering a unique and meaningful luxury lifestyle experience, but also pacing the market in terms of food and beverage revenue and condo sales performance,” said Donahue Peebles III, The Peebles Corporation’s Senior Associate of Development. “5th and I is much more than a hospitality asset – one that deserves an operator that reflects this perspective. To us, every square foot counts; each opportunity to deliver value to the Mount Vernon Triangle community, our investors and clients demands our attention, and sbe shares that ethos. We are excited to work with sbe’s innovative team on their first D.C. hotel, and hopefully beyond.”
“We are very pleased to introduce the new evolution of SLS, a conceptualized hotel and residence experience, crafted for the D.C. market,” said Sam Nazarian founder and CEO of sbe. “The expansion of our collection marks an important milestone as we expand our pillars of exceptional design, service and unmatched food & beverage to appeal to D.C’s top neighborhood. We are thrilled to build this new partnership with The Peebles Corporation, introducing a one-of-a-kind property demonstrating sbe’s dedication to creating industry-leading hospitality trends.”
In May 2014, The Peebles Corporation was selected to acquire and redevelop D.C.-owned land at 901 5th Street N.W., or “5th & I,” into a nearly 250,000-square-foot mixed-use project complementing and enhancing the Mount Vernon Triangle neighborhood. The 170,000-square-foot development will also include approximately 7,600 square feet of retail space. In addition, as part of the agreement with The District of Columbia and in an effort to revitalize and enhance the surrounding neighborhood, The Peebles Corporation will develop workforce housing in an underdeveloped area east of the Anacostia River, on land it has long-owned. Peebles will also renovate two parks – Milian Park and Seaton Park – to create family-friendly recreation areas.
“Our roots were planted in Washington, D.C. long ago, and I’m thrilled to collaborate with sbe on such a monumental project that also gives back to the community,” said R. Donahue Peebles, Chairman and CEO of The Peebles Corporation.
SLS Lux Hotel & Residences joins sbe’s growing line up of its newest brand concept, the latest evolution of the award-winning SLS Hotels, offering unrivaled hospitality service, intriguing conceptual design and a best-in-class approach to a personalized lifestyle product. The first in this new ultra-luxe SLS concept will debut in Miami in 2017 with the launch of SLS Lux Brickell Hotel & Residences, followed by introductions of the concept to Philadelphia and Atlanta.
Photo caption: sbe selected for “5th and I” project in Washington D.C. (PRNewsFoto/sbe).
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