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FelCor To Buy Two NY Hotels For $140M
Morgans Hotel Group is selling its stakes in two Midtown Manhattan hotels to Texas-based FelCor Lodging Trust for $140 million.
Morgans Hotel Groupis selling its stakes in two Midtown Manhattan hotels to Texas-basedFelCor Lodging Trustfor $140 million,The Wall Street Journalreports. Morgans Hotel, which will continue to manage the properties under a long-term management agreement, received a $7 million security deposit for the hotels.
The acquisition of theRoyaltonandMorganshotels is the real estate investment trust’s first hotel deal in New York. The seller will use the proceeds to retire about $37.7 million in outstanding debt. The deal is expected to be completed in the second quarter of 2011.
Click here for the story fromThe Wall Street Journal.
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