Having recently completed a $10.8 million renovation, Morgans Hotel Group has put the Delano Hotel on the market, reports Bloomberg, to "focus on building out our management business," which means liquidating their real estate assets, or to put it more simply, selling of their hotels but continuing to manage them for the new owners. That is unless the new owners come to the conclusion that mighty Morgans might not be the most economical management company (their hotels are very decadent) and decide to turn the the Delano into a Hyatt.
For a hotel with a Studio 54 pedigree (Ian Schrager ran 54 with partner Steve Rubell, went to prison, got out, then came down here and restored/created the Delano) to become a Hyatt, or any middle-of-the-road national chain, would be a slap in the face to everything good in the world. The property has an estimated value of $200 million, and its worth every penny.
· Morgans Puts Delano On The Market [Bloomberg]