Morgans Completes Financing on Mondrian Scottsdale
SCOTTSDALE, AZ, May 23, 2006. Morgans Hotel Group Co. has completed its previously announced mortgage financing for the Mondrian Scottsdale.
Greenwich Capital provided a $40-million loan, which incurs interest at a fixed interest rate of LIBOR plus 2.30%. The company said that it has currently drawn down $35 million of the available funds, with the additional $5 million available for renovations.
Earlier this month, Morgans Hotel Group reported that it had completed the acquisition of the 194-room Mondrian Scottsdale. The purchase was initially funded from the proceeds of the company's initial public offering.
The company said that it intends to upgrade the Mondrian Scottsdale over the next several months and will open an Asia de Cuba restaurant and a Skybar at the property by the end of 2006.
Morgans Hotel Group is a fully integrated hospitality company that owns and operates boutique hotels in gateway cities under such brands as Delano, Mondrian and Hudson.
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