Morgans Hotel Group Co. (MHGC) said it has transferred its interests in the property across the street from Delano in South Beach to SU Gale Properties, LLC.
As a result of the transaction, MHG is relieved of $10.5 million of non-recourse mortgage and mezzanine indebtedness that was previously consolidated on its balance sheet. The transfer is not expected to result in a material gain or loss.
The property across the street from Delano in South Beach was a development property with no operations and generated no Earnings before Interest Tax, Depreciation and Amortization during 2010.
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