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