NEW YORK, Dec. 7, 2015 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company") today announced that it has retained Hodges Ward Elliott, a leading hotel brokerage firm, to market Hudson New York and Delano South Beach. Morgans recently announced the marketing of these two assets as part of the Company's new strategic plan to create long-term value. The Company expects the marketing process to be completed during the second quarter of 2016.
Rich Szymanski, Morgans' Chief Financial Officer, stated, "Hudson New York and Delano South Beach are unique and profitable assets that operate in irreplaceable locations. The New York and South Beach markets have seen several transactions at attractive cap rates and high per room prices. Monetizing these assets is an important part of Morgans Hotel Group's strategic plan, which is focused on an asset-light, brand-centered model with lower leverage and greater financial flexibility. We have confidence in Hodges Ward Elliott's team, track record and extensive network."
The Hodges Ward Elliott broker team will be led by Mark Elliott, Jay Morrow and Rudy Reudelhuber. Hodges Ward Elliott provides total capital solutions, including hotel sales, recapitalizations and debt placement. Over the past five years, Hodges Ward Elliott has sold or financed more than $18 billion of hotels and resorts across the U.S. and Europe including nearly $3 billion since January 1, 2015.
ABOUT HUDSON NEW YORK Originally constructed as the American Women's Association Clubhouse in 1928 and purchased by Morgans Hotel Group in 1997, Hudson brought global attention to West 58th Street when it opened in October, 2000 after a three-year design process by Philippe Starck. The storied hotel features 878 rooms and a highly-recognized collection of social hot spots including an outdoor private park; Hudson Bar, featuring a ceiling painted by Francesco Clemente; The Library Bar, reminiscent of an English club or drawing room; Hudson Common, a modern-day beer hall and burger joint with nightly entertainment; and Sky Terrace (open seasonally), an English garden with sweeping views of the city. Hudson is located just steps from Central Park, Columbus Circle, Carnegie Hall, Lincoln Center and Time Warner Center.
Hudson New York is located at 356 W 58th St, New York, NY 10019 l www.hudsonhotel.com l 212.554.6000
ABOUT DELANO SOUTH BEACH A seductive oasis in the heart of vibrant South Beach, Delano is a world-class resort appealing to the most discerning travelers from around the globe. Morgans Hotel Group's signature luxury brand, Delano South Beach, is a place of reconnection, introspection, discovery and pure escape. Delano South Beach opened its doors in 1995 ushering in a period of reinvention for Collins Avenue with the introduction of the first boutique oceanfront resort. Originally designed by Philippe Starck, Delano South Beach features a stunning international collection of furniture and objects, including works from such renowned artists as Antonio Gaudi, Man Ray, Charles and Ray Eames, Salvador Dali and Mark Newson. Set directly on the beach on Collins Avenue in Miami Beach, Delano is a self-contained destination featuring 194 rooms and exciting venues including Bianca, Umi Sushi & Sake Bar, FDR, Delano Beach Club and agua Spa.
Delano South Beach is located at 1685 Collins Avenue, Miami Beach, FL 33139 l www.delanohotel.com l 305.672.2000
ABOUT MORGANS HOTEL GROUP Morgans Hotel Group Co. (NASDAQ: MHGC) is widely credited as the creator of the first "boutique" hotel and a continuing leader of the hotel industry's boutique sector. Morgans Hotel Group operates Delano in South Beach, Mondrian in Los Angeles, South Beach and London, Hudson in New York, Morgans and Royalton in New York, Clift in San Francisco, Shore Club in South Beach and Sanderson and St Martins Lane in London. Morgans Hotel Group has ownership interests or owns several of these hotels. Morgans Hotel Group also licenses its brand through Delano in Las Vegas and 10 Karaköy in Istanbul, Turkey. Morgans Hotel Group has other hotels in various stages of development to be operated under management or franchise agreements, including a Mondrian property in Doha, Qatar and a Delano in Dubai.
Contacts: Investors Richard Szymanski Morgans Hotel Group Co. 212.277.4188
Media Daniel Gagnier/ Nathaniel Garnick Sard Verbinnen & Co 212.687.8080
SOURCE Morgans Hotel Group Co.