Middle Eastern investor Capital Hill has acquired Morgans Hotel Group London properties The Sanderson (150 rooms) and St Martins Lane (204 rooms) for £ 192 million (£ 542.000 per room). As well as operating the two hotels, Morgans Hotel Group held a 50% stake in the joint venture that owned both hotels. The transaction is expected to be completed before the end of 2011. Morgans will continue to operate the hotels, which are to undergo a £ 20 million renovation, under long-term management contracts.
Meanwhile in Shoreditch, Morgans Hotel Group has got together with Invesco Real Estate to purchase the 208-room Hoxton Hotel for around £ 70 million. It is reported that the duo have been picked as the preferred bidder for the hotel.