Smart investors have not failed to notice the increase in U.S. hospitality fundamentals and hotel profits. Private-equity funds, institutional buyers, REITs, insurance and pension plans, as well as offshore buyers, are investing in American hotels. Upscale properties are popular with knowledgeable investors.
Continued Recovery
Statistics for April-June 2011 show continued recovery in the U.S. hotel industry. Major hotel investment sales are on the rise across the country. Manhattan leads U.S. hotel transactions with year-to-date sales over $1 billion
Not just one – but two – Marriott brands are coming to a Manhattan tower – in a big way. In fact, the joint venture operating under a franchise agreement between Granite Broadway Development and Marriott International will be one of New York City's largest hotel ventures. Two new Manhattan developments – the 378-room Courtyard and 261-room Residence Inn Hotels – are expected to open towards the end of 2013.
New NYC Developments
The properties will be managed by Interstate Hotels and Resorts. Besides the two hotels, a 68-storey high-rise at Broadway and 54th Street will feature a restaurant and ground-floor shops. This massive project has been in the works for the last ten years.
Tallest NYC Lodging Property
John Fox, a senior vice president of PKF Consulting USA, has described the venture as "the largest new hotel project in New York since the 2002 opening of the 863-room Westin New York at Times Square." Of course, New York City is no stranger to huge hotel developments. In 2010, a 607-room Intercontinental hotel opened at 300 West 44th Street.
Granite Broadway Development and Marriott announced that the new building will be the tallest NYC property used strictly for lodging. PKF official, John Fox, backs up their claim. Fox explained that the new Marriott building at a height of about 753 feet is taller than the 682-feet Four Seasons Hotel on the north side of 57th Street between Madison and Park Avenues.
Courtyard and Residence Inn
Designed by Nobutaka Ashihara, the tower will have a main entrance on West 54th Street. The lobby for the Residence Inn will be on the building’s third floor. The Courtyard lobby will be located on the fourth floor. Courtyard guest rooms occupy floors 6-32. Residence Inn rooms take up floors 36-64.
Each hotel will have its own elevator banks. The project will include ground-floor retail space, a leased restaurant on the second floor, lounge and terrace with outdoor seating and Broadway views on the fifth floor, and a fitness center (available to guests of both hotels) on the 34th floor.
With its focus on corporate guests, The Courtyard will feature a contemporary design, flexible space, and a GoBoard - a 55-inch interactive touch screen providing guests with local information and news headlines. The Residence Inn, an extended-stay hotel, has guest suites with kitchens. Sitting above the Courtyard, Residence Inn will offer the development's best views of New York City and Central Park. No doubt, the entire project is well-positioned with its location and height.
Manhattan Hotels
Even though New York City is thriving with various hotel developments, the Marriott/Granite project is expected to flourish in Manhattan. Demand for NYC hotel rooms will continue to gain strength. By 2013, room rates are expected to regain their 2008 peak. Bjorn Hanson, the divisional dean of the Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management at New York University, notes that the two Marriott hotels could reduce their annual operating expenses over 5% by sharing building facilities such as the fitness center as well as management and administrative staff and departments (housekeeping, marketing).
Marriott International
Marriott International owns 33 properties (including furnished apartments) under nine brands in Manhattan, Brooklyn, and Queens. The company manages about half of its hotels and the others are under franchise agreements. David Marriott (chief operations officer for the company’s eastern region - the Americas) says that New York is Marriott’s second-largest revenue generator in the United States. The New York Marriott Marquis is the company’s top revenue generator worldwide.
Granite Broadway Development
Granite Broadway Development, owned by the Gross family, have five Marriott hotels (one in Philadelphia, as well as Ghent, Belgium, and three in New York - the Courtyard New York JFK Airport, the Courtyard New York Manhattan/Times Square South, and the Residence Inn Manhattan/Times Square).
Two Marriott Brands Are to Share Space in Manhattan Tower
Image courtesy of hotels.uptake.com
Mostly, hotels want to be known for having excellent accommodations and exceptional customer service. Of course, the Mercer Hotel in NYC's SoHo neighborhood is no slouch in that department. Yet at present, the Mercer Hotel is in the news for being first with the music. Reports are that the Mercer Hotel might just be the site of the "first noteworthy hip-hop album to be recorded in a hotel room."
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Image courtesy of hotels.com |
Sources told the New York Post that Kanye West and Jay-Z were in the Mercer Hotel last week recording an album. In August 2010, West announced that he was teaming up with Jay for a joint album. During January 2011, the pair released 'H.A.M.' – the first single from the joint album – "Watch the Throne." The album is scheduled to be released in March.
Now sources say that the talented twosome is completing the album at the Mercer Hotel. Reports suggest that the musicians have taken over an entire floor of the hotel. Apparently, the pair has moved in their equipment and continues to work on the album.
Not every guest at the Mercer, however, might be pleased with this arrangement. Whether or not guests are fans of the pair, they might prefer to hear them at a concert rather than at breakfast. Yet if this story is accurate, it spells good publicity for the Mercer in the long term. The hotel would be known as the site of the recording of the Kanye West and Jay-Z album.
That recognition will arouse considerable interest and not just among hip-hop fans. The act of recording music in hotel rooms has its place in history. Actually, the practice dates back at least a century.
One of the most famous recordings in a hotel was done by Delta blues legend – Robert Johnson. The independent guitarist laid only 29 tracks before his death in 1938. Sixteen of these tracks were recorded in the Gunter Hotel in San Antonio, Texas. Maybe the Mercer hotel is now in the midst of making music history.
KANYE WEST & JAY-Z RECORDING 'WATCH THE THRONE' IN NYC HOTEL
Of course, the Mercer Hotel is memorable with or without the music. The 6-floor, 75-room, Romanesque-style Mercer Hotel is one of SoHo's most luxurious hotels. This boutique hotel offers the pleasure of loft living in the most elegant oasis.
The Mercer prides itself on being a small luxury hotel capable of providing the utmost personalized service. This hotel plays up its distinction at every level and pays attention to each detail. Guests enjoy a unique experience in stylish but subtle surroundings with every convenience in an intimate setting. Vogue described the Mercer as the "hottest hotel in New York."
No official sources from the hotel have confirmed the sounds of music. Yet it is hard to hide the sounds of a hip-hop recording. Hip Hotels said that the Mercer "was unlike any other hotel in New York, maybe the world." Is it hip enough for a hip-hop duo?
Mostly, hotels want to be known for having excellent accommodations and exceptional customer service. Of course, the Mercer Hotel in NYC's SoHo neighborhood is no slouch in that department. Yet at present, the Mercer Hotel is in the news for being first with the music. Reports are that the Mercer Hotel might just be the site of the "first noteworthy hip-hop album to be recorded in a hotel room."
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Image courtesy of hotels.com |
Sources told the New York Post that Kanye West and Jay-Z were in the Mercer Hotel last week recording an album. In August 2010, West announced that he was teaming up with Jay for a joint album. During January 2011, the pair released 'H.A.M.' – the first single from the joint album – "Watch the Throne." The album is scheduled to be released in March.
Now sources say that the talented twosome is completing the album at the Mercer Hotel. Reports suggest that the musicians have taken over an entire floor of the hotel. Apparently, the pair has moved in their equipment and continues to work on the album.
Not every guest at the Mercer, however, might be pleased with this arrangement. Whether or not guests are fans of the pair, they might prefer to hear them at a concert rather than at breakfast. Yet if this story is accurate, it spells good publicity for the Mercer in the long term. The hotel would be known as the site of the recording of the Kanye West and Jay-Z album.
That recognition will arouse considerable interest and not just among hip-hop fans. The act of recording music in hotel rooms has its place in history. Actually, the practice dates back at least a century.
One of the most famous recordings in a hotel was done by Delta blues legend – Robert Johnson. The independent guitarist laid only 29 tracks before his death in 1938. Sixteen of these tracks were recorded in the Gunter Hotel in San Antonio, Texas. Maybe the Mercer hotel is now in the midst of making music history.
KANYE WEST & JAY-Z RECORDING 'WATCH THE THRONE' IN NYC HOTEL
Of course, the Mercer Hotel is memorable with or without the music. The 6-floor, 75-room, Romanesque-style Mercer Hotel is one of SoHo's most luxurious hotels. This boutique hotel offers the pleasure of loft living in the most elegant oasis.
The Mercer prides itself on being a small luxury hotel capable of providing the utmost personalized service. This hotel plays up its distinction at every level and pays attention to each detail. Guests enjoy a unique experience in stylish but subtle surroundings with every convenience in an intimate setting. Vogue described the Mercer as the "hottest hotel in New York."
No official sources from the hotel have confirmed the sounds of music. Yet it is hard to hide the sounds of a hip-hop recording. Hip Hotels said that the Mercer "was unlike any other hotel in New York, maybe the world." Is it hip enough for a hip-hop duo?
Mostly, hotels want to be known for having excellent accommodations and exceptional customer service. Of course, the Mercer Hotel in NYC's SoHo neighborhood is no slouch in that department. Yet at present, the Mercer Hotel is in the news for being first with the music. Reports are that the Mercer Hotel might just be the site of the "first noteworthy hip-hop album to be recorded in a hotel room."
|
|
Image courtesy of hotels.com |
Sources told the New York Post that Kanye West and Jay-Z were in the Mercer Hotel last week recording an album. In August 2010, West announced that he was teaming up with Jay for a joint album. During January 2011, the pair released 'H.A.M.' – the first single from the joint album – "Watch the Throne." The album is scheduled to be released in March.
Now sources say that the talented twosome is completing the album at the Mercer Hotel. Reports suggest that the musicians have taken over an entire floor of the hotel. Apparently, the pair has moved in their equipment and continues to work on the album.
Not every guest at the Mercer, however, might be pleased with this arrangement. Whether or not guests are fans of the pair, they might prefer to hear them at a concert rather than at breakfast. Yet if this story is accurate, it spells good publicity for the Mercer in the long term. The hotel would be known as the site of the recording of the Kanye West and Jay-Z album.
That recognition will arouse considerable interest and not just among hip-hop fans. The act of recording music in hotel rooms has its place in history. Actually, the practice dates back at least a century.
One of the most famous recordings in a hotel was done by Delta blues legend – Robert Johnson. The independent guitarist laid only 29 tracks before his death in 1938. Sixteen of these tracks were recorded in the Gunter Hotel in San Antonio, Texas. Maybe the Mercer hotel is now in the midst of making music history.
KANYE WEST & JAY-Z RECORDING 'WATCH THE THRONE' IN NYC HOTEL
Of course, the Mercer Hotel is memorable with or without the music. The 6-floor, 75-room, Romanesque-style Mercer Hotel is one of SoHo's most luxurious hotels. This boutique hotel offers the pleasure of loft living in the most elegant oasis.
The Mercer prides itself on being a small luxury hotel capable of providing the utmost personalized service. This hotel plays up its distinction at every level and pays attention to each detail. Guests enjoy a unique experience in stylish but subtle surroundings with every convenience in an intimate setting. Vogue described the Mercer as the "hottest hotel in New York."
No official sources from the hotel have confirmed the sounds of music. Yet it is hard to hide the sounds of a hip-hop recording. Hip Hotels said that the Mercer "was unlike any other hotel in New York, maybe the world." Is it hip enough for a hip-hop duo?
The first Mondrian Hotel in New York City, one of the tallest hotels in its neighborhood, opened officially on February 22 in SoHo on Crosby Street. New Yorkers have waited a long time for this 270-room upscale establishment. Developed by the Morgans Hotel Group, the Mondrian SoHo was inspired by Jean Cocteau's 1946 film - "La Belle et la Bête." The hotel offers a tantalizing taste of Paris in New York City.
Global luxury hotels company, Splendia, welcomed hotel partner - the Mondrian SoHo. Since 2008, the Morgans Hotel Group has been a partner of Splendia. Kevin Mauffrey, Global Hotel Business Director at Splendia, commented on the Morgans Hotel Group and the Mondrian Soho.
"We’ve been working with Morgan's Hotel Group for over two years and the product line they offer is pure bliss. You can feel the Morgan's Hotel touch in the location, the decor and above all the atmosphere. We’re thrilled to propose the Mondrian SoHo to our customers and I can guarantee a true Splendia experience,” says Kevin Mauffrey, Global Hotel Business Director at Splendia.
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| Image courtesy of booked.net |
The hotel has a distinct tent-like exterior but this building is far removed from the 'tent' class. Mondrian SoHo speaks of modern luxury. The Mondrian's hot night club, Mr. H, from Armin Amiri of Bungalow 8 opened last week to the delight of Fashion Week fans. Amiri explained that the lounge's name, short for Mr. Hun, is inspired by a fictitious proprietor who would be Humphrey Bogart's choice for an after-work drink. With its "distressed damask walls, red leather banquettes and jade-and-gold-checkered floors," the design of the lounge was inspired by a 1930s Shanghai speakeasy.
Next week on March 1, the hotel's seafood restaurant, Imperial No. 9, will open to the public. The new restaurant from Chef Sam Talbot (Top Chef and Surf Lodge fame) will offer superb dining. With its anticipated menu of sustainable seafood, possible Chinatown influences, and maybe a Surf Lodge delicacy, Imperial No. 9 is expected to be rated as a "10."
Housed in a garden with a glass roof, the restaurant's decor has the look that should garner top ratings from NYC diners. Designed by Benjamin Noriega-Ortiz, Imperial No. 9 sparkles with shimmering glass, crystal chandeliers, and stunning skylights. The vibrant greenery, cool white cushioned bar stools, and pure white accents create a refreshing atmosphere with a splash of contrast.
Its revitalizing décor is a perfect match for this garden location. One dining room features a roomy communal table. Last year, the Soho Alliance objected when the hotel applied for an outdoor 'drinking and dining' license. Yet with its current splendour, it is hard to imagine that there would be anything only rave reviews for this gorgeous garden restaurant.
Rooms at the Mondrian begin at $259. As part of the opening celebrations, however, guests who book before March 2, 2011 will receive a free Continental breakfast for each night of their stay. The Mondrian Soho is one of the marvelous Morgans Hotel Group hotels.
The first Mondrian Hotel in New York City, one of the tallest hotels in its neighborhood, opened officially on February 22 in SoHo on Crosby Street. New Yorkers have waited a long time for this 270-room upscale establishment. Developed by the Morgans Hotel Group, the Mondrian SoHo was inspired by Jean Cocteau's 1946 film - "La Belle et la Bête." The hotel offers a tantalizing taste of Paris in New York City.
Global luxury hotels company, Splendia, welcomed hotel partner - the Mondrian SoHo. Since 2008, the Morgans Hotel Group has been a partner of Splendia. Kevin Mauffrey, Global Hotel Business Director at Splendia, commented on the Morgans Hotel Group and the Mondrian Soho.
"We’ve been working with Morgan's Hotel Group for over two years and the product line they offer is pure bliss. You can feel the Morgan's Hotel touch in the location, the decor and above all the atmosphere. We’re thrilled to propose the Mondrian SoHo to our customers and I can guarantee a true Splendia experience,” says Kevin Mauffrey, Global Hotel Business Director at Splendia.
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| Image courtesy of booked.net |
The hotel has a distinct tent-like exterior but this building is far removed from the 'tent' class. Mondrian SoHo speaks of modern luxury. The Mondrian's hot night club, Mr. H, from Armin Amiri of Bungalow 8 opened last week to the delight of Fashion Week fans. Amiri explained that the lounge's name, short for Mr. Hun, is inspired by a fictitious proprietor who would be Humphrey Bogart's choice for an after-work drink. With its "distressed damask walls, red leather banquettes and jade-and-gold-checkered floors," the design of the lounge was inspired by a 1930s Shanghai speakeasy.
Next week on March 1, the hotel's seafood restaurant, Imperial No. 9, will open to the public. The new restaurant from Chef Sam Talbot (Top Chef and Surf Lodge fame) will offer superb dining. With its anticipated menu of sustainable seafood, possible Chinatown influences, and maybe a Surf Lodge delicacy, Imperial No. 9 is expected to be rated as a "10."
Housed in a garden with a glass roof, the restaurant's decor has the look that should garner top ratings from NYC diners. Designed by Benjamin Noriega-Ortiz, Imperial No. 9 sparkles with shimmering glass, crystal chandeliers, and stunning skylights. The vibrant greenery, cool white cushioned bar stools, and pure white accents create a refreshing atmosphere with a splash of contrast.
Its revitalizing décor is a perfect match for this garden location. One dining room features a roomy communal table. Last year, the Soho Alliance objected when the hotel applied for an outdoor 'drinking and dining' license. Yet with its current splendour, it is hard to imagine that there would be anything only rave reviews for this gorgeous garden restaurant.
Rooms at the Mondrian begin at $259. As part of the opening celebrations, however, guests who book before March 2, 2011 will receive a free Continental breakfast for each night of their stay. The Mondrian Soho is one of the marvelous Morgans Hotel Group hotels.
The first Mondrian Hotel in New York City, one of the tallest hotels in its neighborhood, opened officially on February 22 in SoHo on Crosby Street. New Yorkers have waited a long time for this 270-room upscale establishment. Developed by the Morgans Hotel Group, the Mondrian SoHo was inspired by Jean Cocteau's 1946 film - "La Belle et la Bête." The hotel offers a tantalizing taste of Paris in New York City.
Global luxury hotels company, Splendia, welcomed hotel partner - the Mondrian SoHo. Since 2008, the Morgans Hotel Group has been a partner of Splendia. Kevin Mauffrey, Global Hotel Business Director at Splendia, commented on the Morgans Hotel Group and the Mondrian Soho.
"We’ve been working with Morgan's Hotel Group for over two years and the product line they offer is pure bliss. You can feel the Morgan's Hotel touch in the location, the decor and above all the atmosphere. We’re thrilled to propose the Mondrian SoHo to our customers and I can guarantee a true Splendia experience,” says Kevin Mauffrey, Global Hotel Business Director at Splendia.
|
|
| Image courtesy of booked.net |
The hotel has a distinct tent-like exterior but this building is far removed from the 'tent' class. Mondrian SoHo speaks of modern luxury. The Mondrian's hot night club, Mr. H, from Armin Amiri of Bungalow 8 opened last week to the delight of Fashion Week fans. Amiri explained that the lounge's name, short for Mr. Hun, is inspired by a fictitious proprietor who would be Humphrey Bogart's choice for an after-work drink. With its "distressed damask walls, red leather banquettes and jade-and-gold-checkered floors," the design of the lounge was inspired by a 1930s Shanghai speakeasy.
Next week on March 1, the hotel's seafood restaurant, Imperial No. 9, will open to the public. The new restaurant from Chef Sam Talbot (Top Chef and Surf Lodge fame) will offer superb dining. With its anticipated menu of sustainable seafood, possible Chinatown influences, and maybe a Surf Lodge delicacy, Imperial No. 9 is expected to be rated as a "10."
Housed in a garden with a glass roof, the restaurant's decor has the look that should garner top ratings from NYC diners. Designed by Benjamin Noriega-Ortiz, Imperial No. 9 sparkles with shimmering glass, crystal chandeliers, and stunning skylights. The vibrant greenery, cool white cushioned bar stools, and pure white accents create a refreshing atmosphere with a splash of contrast.
Its revitalizing décor is a perfect match for this garden location. One dining room features a roomy communal table. Last year, the Soho Alliance objected when the hotel applied for an outdoor 'drinking and dining' license. Yet with its current splendour, it is hard to imagine that there would be anything only rave reviews for this gorgeous garden restaurant.
Rooms at the Mondrian begin at $259. As part of the opening celebrations, however, guests who book before March 2, 2011 will receive a free Continental breakfast for each night of their stay. The Mondrian Soho is one of the marvelous Morgans Hotel Group hotels.
Boutique hotel owner and operator Morgans Hotel Group Co (MHGC.O) is selling two of its marvelous NYC hotels. Interested buyers can keep in mind that describing these luxury hotels as 'marvelous' is not an exaggeration. The Morgans Hotel website describes their hotels as an experience with “unparalleled service in an intimate, friendly, home-away-from-home atmosphere.”
The Morgans Hotel NYC and Royalton hotel were Sold to Felcor Lodging Trust $500k Per Key on March 31st 2011 -- Read here
Obviously, the Morgan Group is going to praise their own properties. Yet there is plenty of feedback out there to suggest that investing in Morgans NYC hotels is a smart decision. Generally, New York City hotels are a favorite with corporate travelers - especially in a rebounding economy.
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Image courtesy of blogpurentonline.com |
In the February 1, 2011 edition of the "Business Insider," Morgans NYC Hotel was selected as the "perfect choice for your next trip to NYC." The 'Today in the Pipeline' section highlights an excellent business hotel. The selection was based in part on the hotel's affordable rates for an expense budget, tons of amenities, and its prime location. Morgans Hotels are upscale properties in a dynamic urban setting.
The 'Business Insider' focuses on the hotel's attractions – everything from "decadent beds with down pillows and duvets" to spectacular New York City views. Bids are due this week for the two MHGC.O hotels that are up for sale. Morgans Hotel Group had been struggling under heavy debt. Boutique hotels suffered during the recession as some people saw them as frivolous choices.
For hotel buyers, the sale of Morgans Hotels means that they can pick up luxury hotels for a bargain. Of course, NYC hotels are not cheap purchases but the properties are well-worth the investment. In 2011, there is a renewed interest in luxury real estate. In addition, corporate travel is picking up again. A high percentage of business travel centers on New York City.
"Investors are interested in the luxury market in major centers such as New York. Since valuations in the upscale market fell 30% in 2008 and 45% in 2009, its return should be as impressive as the decline. Investing in a NYC hotel might just lead to a big windfall. Even if investors have to wait awhile for huge paybacks, owning Manhattan property is worth the time and effort.
As the economy improves, corporate travel numbers will rise for Manhattan. It has been proven that corporate travelers play a huge part in driving the hotel sector." ~ "Buying Hotel Growth in NYC - Investors Strategy for Growth in Manhattan Hotel Real Estate" – TOP Hotel Brokers of NYC December 2010 Report
Jones Lang LaSalle Hotels is handling the sale of the Royalton and Morgans hotels for the company which had total liabilities of $801.2 million (as of November 30, 2010). According to Reuters data, its market cap is $282.2 million.
Morgans owns luxury properties in cities such as New York and Miami. Morgans' major investor is Parag Vora of investment firm HG Vora Capital. In November 2010, Vora and his partner, private real estate investment company Highgate Hotels, stated their intentions to discuss various alternatives with Morgans. With two of their NYC hotels now for sale, it is a marvelous time for buyers to invest in luxury real estate in the Big Apple.
Boutique hotel owner and operator Morgans Hotel Group Co (MHGC.O) is selling two of its marvelous NYC hotels. Interested buyers can keep in mind that describing these luxury hotels as 'marvelous' is not an exaggeration. The Morgans Hotel website describes their hotels as an experience with “unparalleled service in an intimate, friendly, home-away-from-home atmosphere.”
The Morgans Hotel NYC and Royalton hotel were Sold to Felcor Lodging Trust $500k Per Key on March 31st 2011 -- Read here
Obviously, the Morgan Group is going to praise their own properties. Yet there is plenty of feedback out there to suggest that investing in Morgans NYC hotels is a smart decision. Generally, New York City hotels are a favorite with corporate travelers - especially in a rebounding economy.
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Image courtesy of blogpurentonline.com |
In the February 1, 2011 edition of the "Business Insider," Morgans NYC Hotel was selected as the "perfect choice for your next trip to NYC." The 'Today in the Pipeline' section highlights an excellent business hotel. The selection was based in part on the hotel's affordable rates for an expense budget, tons of amenities, and its prime location. Morgans Hotels are upscale properties in a dynamic urban setting.
The 'Business Insider' focuses on the hotel's attractions – everything from "decadent beds with down pillows and duvets" to spectacular New York City views. Bids are due this week for the two MHGC.O hotels that are up for sale. Morgans Hotel Group had been struggling under heavy debt. Boutique hotels suffered during the recession as some people saw them as frivolous choices.
For hotel buyers, the sale of Morgans Hotels means that they can pick up luxury hotels for a bargain. Of course, NYC hotels are not cheap purchases but the properties are well-worth the investment. In 2011, there is a renewed interest in luxury real estate. In addition, corporate travel is picking up again. A high percentage of business travel centers on New York City.
"Investors are interested in the luxury market in major centers such as New York. Since valuations in the upscale market fell 30% in 2008 and 45% in 2009, its return should be as impressive as the decline. Investing in a NYC hotel might just lead to a big windfall. Even if investors have to wait awhile for huge paybacks, owning Manhattan property is worth the time and effort.
As the economy improves, corporate travel numbers will rise for Manhattan. It has been proven that corporate travelers play a huge part in driving the hotel sector." ~ "Buying Hotel Growth in NYC - Investors Strategy for Growth in Manhattan Hotel Real Estate" – TOP Hotel Brokers of NYC December 2010 Report
Jones Lang LaSalle Hotels is handling the sale of the Royalton and Morgans hotels for the company which had total liabilities of $801.2 million (as of November 30, 2010). According to Reuters data, its market cap is $282.2 million.
Morgans owns luxury properties in cities such as New York and Miami. Morgans' major investor is Parag Vora of investment firm HG Vora Capital. In November 2010, Vora and his partner, private real estate investment company Highgate Hotels, stated their intentions to discuss various alternatives with Morgans. With two of their NYC hotels now for sale, it is a marvelous time for buyers to invest in luxury real estate in the Big Apple.
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