The company expects the marketing process to be completed during the second quarter of 2016.
NEW YORK – Morgans Hotel Group Co. announced that it has retained Hodges Ward Elliott, a leading hotel brokerage firm, to market Hudson New York and Delano South Beach. Morgans recently announced the marketing of these two assets as part of the Company’s new strategic plan to create long-term value. The company expects the marketing process to be completed during the second quarter of 2016.
Delano South Beach.
Rich Szymanski, Morgans’ Chief Financial Officer, stated, “Hudson New York and Delano South Beach are unique and profitable assets that operate in irreplaceable locations. The New York and South Beach markets have seen several transactions at attractive cap rates and high per room prices. Monetizing these assets is an important part of Morgans Hotel Group’s strategic plan, which is focused on an asset-light, brand-centered model with lower leverage and greater financial flexibility. We have confidence in Hodges Ward Elliott’s team, track record and extensive network.”
The Hodges Ward Elliott broker team will be led by Mark Elliott, Jay Morrow and Rudy Reudelhuber. Hodges Ward Elliott provides total capital solutions, including hotel sales, recapitalizations and debt placement. Over the past five years, Hodges Ward Elliott has sold or financed more than $18 billion of hotels and resorts across the U.S. and Europe including nearly $3 billion since January 1, 2015.
Photo caption: Hudson New York.
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