Morgans Hotel Group Co. has completed the sale of Sanderson and St Martins Lane hotels to Capital Hill Hotels. The operator and 50 percent owner of the hotels has obtained a total £192 million from the sale of hotels.
The company plans to use the net proceeds to fund the acquisition of The Light Group as well as renovations at existing hotels and growth. Following the deal, Morgans will continue to operate the Sanderson and St Martins Lane hotels.
Click here for the release from PR Newswire.