Middle East investor buys Morgans Hotels’ two London luxury hotels

U.S. based luxury hotel chain Morgans Hotel Group which operates and owns 50% of London hotels Sanderson and St Martins Lane, today announced that the joint venture partners have entered into a definitive agreement to sell the Sanderson and St Martins Lane hotels for US$295 million, to Capital Hill Hotels Limited, a Middle Eastern investor with other global hotel holdings.  Morgans Hotel Group will continue to operate the hotels under long-term management agreements. The terms of the management agreements, including extension options, have been extended to 2041 from 2027.