Sbe acquires Morgans Hotel Group for $805 million
Sbe has closed its $805 million acquisition of Morgans Hotel Group, a transaction that more than doubles the number of properties in sbe’s portfolio to a total of 22 hotels and 129 venues. The acquisition includes Morgans’ Delano and Mondrian brands as well as 13 domestic and international hotel management and franchise licensing agreements.
“The acquisition of Morgans not only further expands our offering but brings the invaluable partnerships of Ron Burkle and Cain Hoy Enterprises,” says sbe CEO and founder Sam Nazarian. “Sbe will now have a presence from San Francisco to Doha; Los Angeles to London—and brings its impressive history, talented team and culture of service and innovation to the sbe family.”
Some of the most notable properties acquired in the deal include the 194-room Delano South Beach hotel, the 372-room Clift hotel in San Francisco, and New York’s 878-room Hudson Hotel. Sbe has four projects slated to open in 2017 in Doha, New York, Seattle, and South Florida. Nine more are in the pipeline over the next two years.