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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/morgans-hotel-group-retains-hodges-ward-elliott-to-lead-monetization-of-hudson-new-york-and-delano-south-beach-300188647.html
SOURCE Morgans Hotel Group Co.