Morgans Hotel Group, New York City, revealed in an earnings call with investors on Tuesday that it is not “aggressively marketing” the Delano in South Beach after recently selling other properties.
The publicly traded company sold three of it hotels, including the Mondrian in Los Angeles and Royalton and Morgans in New York, to REITs in May. Morgans continues to operate each of the hotels.
“It’s probably an asset that we will not be aggressively marketing,” Morgans CEO Michael Gross said about the Delano during the earnings call with investors.
Morgans posted a US$11.4 million loss for the second quarter, although that was an improvement from the same period in 2010 when the company posted a US$21 million loss.
Morgans declined to comment further on the Delano when asked by HOTELS Magazine on Wednesday.