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.
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.