MIAMI BEACH-Beach Hotel Associates, a unit of Morgans Hotel Group Co. based in New York, has paid off its mortgage worth $161 million on its Delano Hotel in South Beach. As per a Morgans report filed with the U.S. Securities and Exchange Commission, the company sold two other hotels and utilized the proceeds to repay the debt on the Delano Hotel.
Wells Fargo Bank is the lender. The hotel comprising 194 rooms is located at 1685 Collins Avenue. For the full story, go to South Florida Business Journal .
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