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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.

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.

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