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Morgans Disposes of South Beach Hotel

Wednesday April 3rd, 2013 - 6:26AM

MIAMI—Morgans Hotel Group has ceded ownership of the Delano South Beach Hotel, here, as part of a larger financial transaction.

Acquiring the hotel is the Yucaipa Cos., a private investment firm. As part of the deal, New York-based Morgans Hotel Group will continue to operate the property under a long-term management agreement. Also as part of the deal, the Yucaipa Cos. will assume control of The Light Group, a restaurant operator that had been part of Morgans.