Recently, Morgans Hotel Group finished a $10.8 million renovation of South Beach's Delano and announced it would be expanding the brand by opening a sister hotel in Marrakesh, Morocco. So reports that the company is putting the original Delano on the market are somewhat surprising.
Bloomberg News reports that the iconic 194-room hotel is about to be put on the market and received confirmation from the realtor who landed the listing. Bloomberg picked up the tip from a newsletter called Real Estate Alert, which claims the hotel is estimated to be worth about $200 million.
"Our focus is on building out our management business, and part of this strategy is to monetize our investments in real estate," Morgans CEO Michael Gross wrote in an email to Bloomberg.
Which basically means they're selling off hotels they own to concentrate on hotel management.
The Delano was built in 1947 and went through a major redesign and renovation at the hands of famed designer Philippe Starck in 1994. The hotel recently underwent a smaller face-lift, with some of the hotel's restaurants and bars getting replaced with new names and concepts. The rooms were also updated.
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