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US: Morgans Hotel Group has put the 195-room Delano South Beach boutique hotel, in Miami Beach, on the market.
New York-based Morgans, which operates the Delano, Hudson, Royalton and Mondrian boutique brands, has engaged Jones Lang LaSalle Hotels to market the property, which underwent a $10.8 million renovation in March of this year.
“Our focus is on building out our management business, and part of this strategy is to monetize our investments in real estate,” said Morgans chief executive officer Michael Gross.
Last year the company sold the Mondrian Los Angeles to Pebblebrook Hotel Trust for $137 million.
The Delano South Beach has an estimated value of $200 million – or approximately $1 million per room – according to Real Estate Alert.
www.morganshotelgroup.com
