Morgans Hotel Group Co. and its joint venture partner are seeking to sell two London hotels for some $295 million, The Wall Street Journal reports. The Sanderson and St. Martins Lane hotels are being sold to Middle Eastern investor Capital Hill Hotels.
Morgans holds a 50 percent stake in the hotels through a joint venture with a unit of Walton Street Capital. The firm expects sale proceeds to the tune of $70 million after paying back debts and closing costs. Morgans will keep on managing the hotels under long-term management agreements, which has been extended from 2027 to 2041.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Reuters.
hotels Walton Street Capital London Morgans Hotel Group Co. Capital Hill Hotels