Morgans forced to increase funding to complete Soho project
by Tom Walker | 12 Aug 2010
US-based luxury hotel operator Morgans Hotel Group has announced that it has had to procure additional funding to complete the development of its Mondrian hotel in SoHo, New York, US.
Morgans has amended the debt financing on the property with its lender - subsidiaries of CapitalSource - to "provide for extensions" of the maturity date of the mortgage loan.
In addition to the new funds, Morgan's partner in the joint venture to build the Soho property, Cape Advisors, is also making cash and other contributions to the project.
MHG will also provide up to US$3.2m of additional funds to complete the project.
The luxury hotel, designed by Benjamin Noriega Ortiz, is expected to open in January 2011 with a restaurant, bar, and a range of leisure facilities including a spa.
MHG has a 10-year management contract with two 10-year extension options to operate the hotel upon completion.
The project has been delayed a number of times after being initially scheduled for a May 2010 opening.
Morgans Hotel Group operates and owns a range of boutique hotels across the US as well as the Sanderson and St Martins Lane hotels in London, UK.
Along with an equity partner, the group also owns the Hard Rock Hotel & Casino in Las Vegas and related assets.
US-based luxury hotel operator Morgans Hotel Group has announced that it has had to procure additional funding to complete the development of its Mondrian hotel in SoHo, New York, US. Morgans has amended the debt financing on the property with its lender - subsidiaries of CapitalSource - to "provide for extensions" of the maturity date of the mortgage loan. In addition to the new funds, Morgan's partner in the joint
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