On behalf of Morgans Hotel Group, Jones Lang LaSalle Hotels has sold the Morgans and Royalton Hotels in New York. FelCor Lodging Trust purchased the two hotels for $140 million.
“This mutually beneficial, high-profile transaction is a win-win for FelCor and Morgans Hotel Group,” says Jeffrey Davis, executive vice president, JLLH. “Morgans Hotel Group has secured a long-term management agreement with an institutional owner, which aligns with its long-term strategic plan, while FelCor has acquired two of New York’s most coveted boutique hotels, establishing a solid presence in the New York market.”
The 114-room, Morgans Hotel underwent a $10.8 million renovation in 2008, while the 168-key Royalton Hotel recently relaunched its Forty Four restaurant and bar and underwent more than $22 million in upgrades in the last three years.