MORGANS Hotels plan new properties in Paris, Brazil and London
New York-based operator of design luxury hotels MORGANS Hotel Group plans to add properties in such places as Paris, Brazil and London, Chief Executive Officer Michael Gross said. “We have good existing penetration in the U.S. in some of the markets we’re in, but I look at our footprint in Europe, such as London, and it is an open slate for us.”
Morgans, which has been selling some properties and using the proceeds to expand its management operations, plans to target gateway cities in Europe and South America, Gross said. The company said last month that it’s selling hotels in New York and Los Angeles, which it will continue to run.
Morgans sold the Mondrian Los Angeles, a 237-room hotel on Sunset Boulevard that was developed by Ian Schrager, to Pebblebrook Hotel Trust for US$137 million. Last month, it agreed to sell the Royalton and Morgans hotels in New York to Felcor Lodging Trust Inc. for US$140 million.
Morgans, which also manages the Hudson hotel in New York, the St Martin’s Lane and Sanderson in London, will continue to pursue its “asset-light” strategy, Gross said. The company is willing to acquire hotel stakes as part of its expansion, he said.
adapted from Bloomberg