April 2, 2013
It's big news for the Delano South Beach, a hotel that's been a Miami institution since, well, forever-and-a-day. Their owner, NYC-based Morgans Hotel Group announced it's selling its stakes in the hotel and associates The Light Group, and would offer $100 million to help settle the current debt of $230 million to a buyer. Whoa.
The hotel group has apparently been trying to unload the Delano since 2002, and has apparently posted a financial loss since 2007, according to OTK Associates LLC, the largest shareholder of Morgans Hotel Group Co. So, no doubt they had a hand in pressuring Morgans to dump the Delano, pronto.
Morgans has signed agreements with The Yucaipa Companies, a firm owned by
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