FelCor to Acquire Two New York Hotels for $140M

FelCor Lodging Trust Incorporated FCH announces it has entered into a binding purchase and sale agreement to acquire the fee-simple interests in two midtown Manhattan hotels, The Royalton and Morgans, for $140.0 million from Morgans Hotel Group Co. MHGC will continue to manage the properties, which have a total of 282 guest rooms, under a long-term management agreement. FelCor expects to complete the purchase of these two iconic hotels, funded with cash on hand, in the second quarter.