Morgans Hotel Group is looking to sell its Hudson Hotel on Columbus Circle for an estimated $500 million.
The formal sales process started recently, the New York Post reported. In addition to the Ian Schrager-developed property in New York, the hotel group is looking to unload its Delano South Beach hotel in Miami for $200 million, according to the Post.
Morgans earlier planned to sell the entire property, according to the paper, and retained Morgan Stanley in May to strategize.
A foreign buyer for the hotels would be likely, according to the Post. Earlier this week, Hilton sold off the Waldorf Astoria for $1.95 billion to a Chinese insurer. [NYP] — Claire Moses