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Morgan Hotels assigns new partner
US-based Morgans Hotel Group (MHG) has assigned a new partner for its joint hotel venture in London.
Former partner Burford Hotels has sold its 50 per cent stake in the Sanderson and St Martins Lane hotel partnership to Chicago-based real estate investment company Walton Street Capital for the equivalent of US$52m (£26.5m, 39.5m euro), indicating a gross asset value of more than US$300m (£153m, 228m euro).
MHG received more than US$6m (£3m, 4.5m euro) in cash for facilitating the transaction.
MHG’s president Ed Scheetz said: “We’re pleased that another institutional investor of the quality and stature of Walton Street believes in the strength of our management and the quality of our brands.” Details www.morganshotelgroup.com
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