Owners of the Sahara Hotel and Casino have agreed to sell the aging property to an investing group.

Los Angeles-based SBE Entertainment Group LLC and San Mateo, Calif.-based Stockbridge Real Estate Funds have entered into a contract to purchase the Moroccan-themed casino and hotel from Gordon Gaming Corp.

"The Sahara is one of the last remaining original properties on the Las Vegas Strip, and we are thrilled with the possibilities that it presents," Sam Nazarian said.

The negotiation includes a 17.5-acre lot on the north end of the Strip and the hotel & casino with 1,720 rooms. The Sahara is one of the oldest properties on the Strip. It lost its high-end clientele as fashionable developments on the Strip moved south.

There are no specific plans for the property yet.

Gordon Gaming has managed the Sahara since casino pioneer William Bennett bought the property in 1995 for $193 million. Bennett spent more than $100 million upgrading the resort before his death in 2003.