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Morgans Hotel Group Announces a New Management Contract for Hotel Las Palapas in Playa del Carmen, Riviera Maya, Mexico |
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Expands Relationship with Existing Venture Partner |
Morgans Hotel Group Co. (NASDAQ: MHGC) ('Morgans') today announced a management agreement for the Hotel Las Palapas, located in the vibrant Playa del Carmen resort area, which is owned by affiliates of Walton Street Capital ('Walton'). Morgans and Walton are already joint venture partners in the ownership of two other hotels - the Sanderson and St Martins Lane hotels in London.
Hotel Las Palapas is a 75-key beachfront hotel located in the heart of Playa del Carmen, Riviera Maya, Mexico. The hotel, with its magnificent beach of white sand, is centrally located on the 5th Avenue of Playa del Carmen, famous for its numerous restaurants, bars and small shops. Walton plans to convert the site into a Morgans branded hotel when economic conditions improve.
'We are pleased to be working with Walton Street Capital on another international hotel. The beachfront Hotel Las Palapas in the popular resort destination of Playa del Carmen has great potential,' said Marc Gordon, President of Morgans Hotel Group. 'This deal will allow Morgans to generate income immediately while Walton puts together the development to convert the project into a Morgans hotel.'
Morgans will assume management of the property as of December 15th, 2009.
Morgans has a five-year management agreement with one five-year renewal option.
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