Recently Renovated Delano Hotel in South Beach is For Sale on the Market

Delano, one of the famous hotels within the South Beach neighborhood that became
popular after its launch in 1995, has just been placed for sale on the property market.

Owned by the Morgans Hotel Group, talk regarding the Delano being placed for sale
has been confirmed on Wednesday. Nevertheless, Morgans intends to continue being
in charge of the management of the hotel and is looking to push through with regards
to expansion which will include the development of a 73-room Delano in Marrakech,
Morroco.

However, the company has not yet revealed any information regarding their decision
to sell the 194-room Delano hotel or how much they are hoping to gain by selling the
property.

Morgans has spent the last couple of years working on their strategy to see to it that it
remains to be one of the best lifestyle hospitality brands in the world. With its asset-
light model which incorporates long-term management agreements enables Morgans
to maximize their investment potential in the further development of their key brands
while also accelerating their grown potential on a domestic and global scale.

Also, the company aims to explore any possible opportunities which will prove to be
beneficial for their stockholders, employees, and especially their guests.

The hotel which can be found along 1685 Collins Avenue has been estimated to have
a market value of about $200 million. Assessed value based on Miami-Dade County
records show the Delano to be worth slightly more than $55 million.

Morgans has been seen placing a variety of their properties for sale over the last few
years with the intention of placing their focus on hotel development and management
without having to carry the expense of actually owning them.

Ever since the Spring of 2011, the company has successfully shed hotels within areas
such as Los Angeles, New York, and London. They now manage 12 other properties
in different parts of the world which include the Shore Club and Mondrian which are
both located in the South Beach neighborhood. The company is also expecting to add
to their roster with a Mondrian to be developed in Marrakech, Turkey, London, Qatar,
and Nassau.

In late 2011, Morgans has spent almost $11 million on renovations which included a
brand new restaurant concept called Bianca, a nightclub called FDR, suit upgrades, a
series of changes on the hotel’s public areas, as well as an additional meeting space
with a floor area of 1,200 square feet.

With the Delano being one of the most remarkable hotels within the city after its 1995
launch, people can only expect the best for the Morgans, especially now that there are
new spots within the neighborhood which seem to have taken the limelight away from
the Delano. Current conditions indicate that it is a great time to test today’s property
market.
Please contact 954.305.6424 If you are interested in more info about this property