Morgans Hotel Group Sells Royalton and Morgans for $140 Million

Morgans Hotel Group Co. MHGC today announced that it has completed the sale of Royalton and Morgans for $140 million, or approximately $500,000 per room, to an affiliate of FelCor Lodging Trust, Incorporated. Morgans will continue to operate the hotels under 15-year management agreements with one 10-year extension option.