NEW YORK CITY-New York-based Morgans Hotel Group Co. has decided to sell the Morgans and Royalton hotels to FelCor Lodging Trust Inc. for an amount of $140 million. The deals value the two New York City hotels at nearly $500,000 per room.
Morgans Hotel Group is expecting to get $100 million in earnings from the sale and will use the proceeds to reduce its debt. The company has signed a 15-year contract under which it will continue to operate both hotels.For the full story, go to Crain's New York Business.
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