Morgans Hotel Group has agreed to sell its Sanderson and St Martin’s Lane hotels for £190m to Middle Eastern investor Capital Hill Hotels.
Estates Gazette revealed in August that the two central London properties were under offer to a Middle Eastern party.
Morgans was the operator and 50% owner of the hotels in a jv with Walton Street Capital. The group will continue to operate the hotels under long-term management agreements expiring in 2027.
Proceeds from the sales will be used to pay down the debt secured against the hotels.
Jones Lang LaSalle Hotels is advising on the deal, which is expected to complete before the end of the year.
samantha.mcclary@estatesgazette.com
