Morgans Hotel Group Co. and its joint venture partner are seeking to sell two London hotels for some $295 million, The Wall Street Journal reports. The Sanderson and St. Martins Lane hotels are being sold to Middle Eastern investor Capital Hill Hotels.
Morgans holds a 50 percent stake in the hotels through a joint venture with a unit of Walton Street Capital. The firm expects sale proceeds to the tune of $70 million after paying back debts and closing costs. Morgans will keep on managing the hotels under long-term management agreements, which has been extended from 2027 to 2041.
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