Mon, 10 Oct 2011 | BUSINESS SALE
Morgans Hotel Group has announced that it is to sell two of its hotels in London.
The joint venture partners have now entered into a definitive agreement for the sale of the Sanderson and St Martins Lane hotels. The hotels have been sold to Capital Hill Hotels Ltd for £192 million. The price represents a fee of around £542,000 per room.
Morgans Hotel Group is the operator and 50 per cent owner of the London joint venture that owns Sanderson and St Martins Lane and will continue to operate the hotels under long-term management agreements which have been extended from 2027 to 2041 with scope for further extensions.
The joint venture plans to use the sales proceeds as well as cash in escrow to pay around £99.5 million of mortgage debt secured by the two hotels.
Morgans Hotel Group's 50 per cent ownership of the net proceeds, after the repayment of debt and closing costs, is expected to be around £44.6 million. The company plans to use the net proceeds as capital for growth. The sale is expected to be completed by the end of the year.
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