Key among these is Las Vegas where, he reports, Morgan's is JV'ing with Boyd Gaming Corp. on the development of Delano and Mondrian assets--Morgan's signature flags. According to the terms of the joint venture, Boyd will contribute approximately 6.5 acres within its Echelon Place development, and Morgans will contribute approximately $97.5 million in cash.
When the builds are done, sometime in 2010, Morgans will manage both hotels. Some 600 guest rooms will be included in the Delano project while the Mondrian promises some 1,000 keys.
Another Mondrian is now in the works, this one in Scottsdale. In the wake of the public offering, the firm agreed to acquire the 194-room James Hotel Scottsdale, which it will renovate and re-brand. The $47.5-million acquisition is expected to close in April of this year. The hotel will remain open during renovations, which are expected to be completed by the end of the year.
Finally, an additional 70 rooms in on deck for Morgans' recently purchased (for $14.3 million) asset in South Miami Beach. The asset, which sits across from a Delano, will be redeveloped as an expansion of Delano.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
