Morgans Hotel NYC Fetches $41M

The acquisition of the Morgans Hotel will be complete in July, when the new owners—a joint venture of The Kash Group and Shel Capital—will execute a residential conversion of the iconic, 71,000-square-foot building.

Real estate investment firms The Kash Group and Shel Capital acquired the Morgans Hotel, located at 237 Madison Ave., in Manhattan’s Murray Hill neighborhood. The 71,000-square-foot iconic building traded for $41 million. The seller was real estate investment trust FelCor Lodging Trust. The Kash Group President Shlomo Bakhash and Shel Capital Co-founders Rony Kravel and Jonathan Bakhash made the announcement. The asset changed hands last year, upon SBE’s acquisition of Morgans Hotel Group

Morgans Hotel NYC Fetches $41M

Categories : Finance

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