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.