Morgans Hotel Group Co., which operates the Royalton and Mondrian boutique brands, put its 195- room Delano South Beach property in Miami Beach, Florida, on the market, according to the broker with the listing.
Morgans Hotel Group Co., the boutique-hotel operator under pressure from its largest shareholder, said Yucaipa Cos. will swap interests in the company’s convertible notes and preferred stock for its ownership in the Delano South Beach and the Light Group.
Sam Nazarian, the Los Angeles restaurant and nightclub owner, is putting his SLS Beverly Hills luxury hotel on the market as part of a strategy to cash in on the company’s real estate investments and focus on its management operations.
Wall Street banks have long been accused of ignoring conflicts or playing both sides in a deal. That’s not stopping them from both advising Markit Ltd. on its initial public offering and standing to reap as much as $1 billion as owners of the financial-data provider.