Morgans Hotel Group, New York City, is putting up for sale the 195-room Delano South Beach in Miami Beach, Florida, Bloomberg reported on Wednesday.
Jones Lang LaSalle Hotels is reportedly is marketing the hotel, which in March completed a US$10.8 million renovation. A source said the property has an estimated value of US$200 million, or about US$1 million a room.
In response to the news of the listing becoming public, Morgans CEO Michael Gross said in an email, “Our focus is on building out our management business, and part of this strategy is to monetize our investments in real estate.”