LONDON-Morgans Hotel Group Co. has a new hotel partner. The New York City-based company says it facilitated the sale of its former partner’s 50% joint venture interest in two hotels here to an affiliate of Chicago-based investment manager Walton Street Capital for approximately US$52 million. The seller was Burford Hotels Ltd.

For facilitating the transaction, MHG received approximately US$6 million in cash at closing based on excess working capital levels at the joint venture. MHG says it could receive additional consideration based on the value of an interest rate hedge on the existing joint venture debt in the event of a debt refinancing.

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