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Morgans Hotel Group Co. (NASDAQ: MHGC) (“Morgans”) today announced a management agreement for the Hotel Las Palapas, located in the vibrant Playa del Carmen resort area, which is owned by affiliates of Walton Street Capital (“Walton”). Morgans and Walton are already joint venture partners in the ownership of two other hotels - the Sanderson and St Martins Lane hotels in London.
Hotel Las Palapas is a 75-key beachfront hotel located in the heart of Playa del Carmen, Riviera Maya, Mexico. The hotel, with its magnificent beach of white sand, is centrally located on the 5th Avenue of Playa del Carmen, famous for its numerous restaurants, bars and small shops. Walton plans to convert the site into a Morgans branded hotel when economic conditions improve.
“We are pleased to be working with Walton Street Capital on another international hotel. The beachfront Hotel Las Palapas in the popular resort destination of Playa del Carmen has great potential,” said Marc Gordon, President of Morgans Hotel Group. “This deal will allow Morgans to generate income immediately while Walton puts together the development to convert the project into a Morgans hotel.”
Morgans will assume management of the property as of December 15th, 2009.
Morgans has a five-year management agreement with one five-year renewal option.
About Walton Street Capital
Walton Street Capital, L.L.C. was founded in 1994 and is a private real estate investment firm operating in the U.S. and abroad. Since its inception, Walton Street has received equity commitments in excess of $5.7 billion from public and corporate pension funds, foreign institutions, endowments and foundations, trusts and high net worth individuals. Walton Street has invested in over $10 billion of gross assets in approximately 170 separate transactions in U.S. and international real estate, including the development and acquisition of office, hotel, retail, industrial, multi-family, for-sale residential, senior and student housing, and golf assets through individual, portfolio and company-level transactions.
About Morgans Hotel Group
Morgans Hotel Group Co. (NASDAQ: MHGC) operates and owns, or has an ownership interest in, Morgans, Royalton and Hudson in New York, Delano and Shore Club in South Beach, Mondrian in Los Angeles, Scottsdale and South Beach, Clift in San Francisco, Ames in Boston, and Sanderson and St Martins Lane in London. Morgans Hotel Group and an equity partner also own the Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans Hotel Group has other property transactions in various stages of completion, including projects in SoHo, New York, Palm Springs, California, Isla Verde, Puerto Rico and Dubai, UAE. For more information please visit www.morganshotelgroup.com.
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