Morgans Sells Two NYC Hotels to FelCor for $140 Million
From Bloomberg:
Morgans Sells Two NYC Hotels to FelCor Lodging for $140 Million
Morgans Hotel Group Co., a boutique hotelier, agreed to sell the Royalton and Morgans hotels in New York City to FelCor Lodging Trust Inc for $140 million to help reduce debt. The hotels were valued at about $500,000 per room, New York-based Morgans said in a statement today. The company, which expects $100 million in net proceeds from the sale, will continue to manage both properties under a 15-year agreement. Click here for the full story.
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