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Hotel Las Palapas will eventually convert to branded property
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Morgans Hotel Group Co. has signed a management agreement to run the Hotel Las Palapas in Mexico's Playa del Carmen resort area. The 75-key Hotel Las Palapas is owned by affiliates of Walton Street Capital, a company that Morgans already partners with in the ownership of two London hotels -- the Sanderson and St Martins Lane.
Walton said plans to convert the site into a Morgans branded hotel when economic conditions improve. “This deal will allow Morgans to generate income immediately while Walton puts together the development to convert the project into a Morgans hotel,” said Marc Gordon, president of Morgans Hotel Group.
Morgans will assume management of the property on Dec. 15th, and has a five-year management agreement with one five-year renewal option.
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