NEW YORK CITY-The Morgans Hotel Group is reportedly intending to refinance its Hudson Hotel here and sell its Delano South Beach property in Miami.
The refinancing deal is intended to raise funds that would allow the 12-hotel chain to pay off Ron Burkle, who owns Morgans Hotel Group's debt and preferred shares, according to the New York Post.
Morgans believes the Hudson Hotel in the Columbus Circle area is worth $850 million. A successful refinancing of the property would allow the chain to borrow hundreds of millions in secured loans against it, a source told the newspaper. See story in the New York Post.
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