The SLS at Beverly Hills, a luxury hotel slated to open this fall on the former site of the Le Meridian Hotel, received over $30 million in preferred equity from Lowe Enterprises’ structured investment fund. This fund is exclusively managed by Lowes’ investors.

An official from the company commented that the project was a good fit for the criteria set fourth for the loan. Lowe’s officials have high hopes for the project, noting that it is located in one of “top hotel markets” and managed by a respected company.

Lowe Enterprises, Inc. is a Los Angeles-based commercial investment, development, and management firm. The firm specializes in both funding and developing hospitality projects.