When it's time to lighten the load, it's time. Morgans Hotel Group has begun an asset unloading via a multiple-metropolis-strategy: in addition to the Art Deco-style Delano South Beach hotel with a tag of $200 million, they're also looking to offload the Hudson Hotel on Columbus Circle.
In an about-face from an earlier plan to sell the entire company, the management has decided to instead opt for a softer approach. Appropriately, Morgans approached Morgan Stanley for advice on strategic alternatives.
The South Beach hotel has been on the market for awhile, however; since 2012. The hotel's sexy, raucous, glamorous and gritty pedigree of disco dancing couldn't make the property move, however. Ian Schrager, co-owner with partner Steve Rubell ran the property after a stint in prison. More to come.
· Morgans to sell off Hudson and Delano hotels [NY Post]
· The Delano's For Sale: Morgans is Unloading The Iconic Hotel [Curbed Miami]