Morgans Plans $137M LA Hotel Sale

Morgans Hotel Group is seeking to sell its stake in the Mondrian Los Angeles hotel to an affiliate of Pebblebrook Hotel Trust. The buyer will pay a total of around $137 million for the acquisition.

As a part of the deal, Morgans will continue to operate the hotel under a 20-year management agreement. The transaction is scheduled to be completed in the second quarter of 2011.

Click here for the release from PR Newswire.