Morgans to sell off Hudson in New York, Delano in South Beach

Morgans Hotel Group has started a formal sales process for the 928-room Hudson Hotel on Columbus Circle and is hoping to get $500 million for the Ian Schrager-developed property, The New York Post is reporting.

The group is also looking to sell its 194-room Delano South Beach hotel in Miami for $200 million.

The decision to sell the two properties are a stark departure from the company's earlier plan to possibly sell the entire company. However, after Morgans announced in May that it had retained Morgan Stanley to explore a range of strategic alternatives, Morgans’ shares jumped up 3.5 percent.

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As The Post writes, the timing for the Hudson sale is good, coinciding with this week's sale of the Waldorf Astoria for $1.95 billion. Overseas appetite for hotel assets, especially from China, is high.