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Morgans Sheds Debt With $137M Sale Of Tony LA Hotel

Law360 (April 25, 2011, 12:04 PM EDT) -- New York-based Morgans Hotel Group Co. said Monday it would sell its Mondrian Los Angeles hotel to a real estate investment trust specializing in upscale lodging, and would use the $137 million in cash from the deal to retire a mountain of debt.

The buyer, Bethesda, Md.-based Pebblebrook Hotel Trust, has agreed to let the debt-laden boutique hotel company manage the tony 237-room Mondrian, located in West Hollywood, Calif., under a 20-year agreement.

Morgans Hotel Group, which sold its Royalton and Morgans hotels in New York...
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