Morgans Hotel Group has placed the iconic South Beach Delano Hotel on the market.
Just this past March a $10.8-million renovation project was completed at Delano that included a makeover for the Bianca restaurant. The 195-room hotel is listed for around $200 million, or roughly $1 million per room. For comparison, the 1500-room Fontainebleau Miami Beach was appraised earlier this year for $1.1 billion or about $731,000 per room.
Morgans holds several hotels around the country and is working to liquidate some of their hotel assets to move more towards management. The company was founded by former Studio 54 visionary Ian Schrager. He left Morgans Group in 2005.
Last year, Morgans sold the Mondrian Los Angeles for $137 million.
The market is robust for luxury hotels like Delano. A recent report puts occupancy at luxury resorts in Florida at 72 percent, which is the third highest in the country behind Hawaii and Washington, D.C.