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Hotel group will use funds for growth
Morgans Hotel Group has closed a $100 million senior secured revolving credit facility, with additional borrowing capacity up to $110 million. The boutique hotel operator plans to use the facility to fund its growth.
"This credit facility will provide capital to help expand our brands to deliver exceptional experiences for our guests in key markets in the U.S. and around the world," says Morgans ceo Michael Gross.
The company’s new credit facility matures in three years and is secured by its Delano hotel in South Beach. Morgans currently has several developments in various stages of completion, including a Delano in Cabo San Lucas, Mexico; a Delano in Turkey; a Mondrian in Doha, Qatar; and a hotel in New York.
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