FelCor Lodging Trust Incorporated, a Texas-based real estate trust, announced it has sold the 117-room Morgans New York hotel for $37 million. FelCor plans to use net proceeds to repay borrowings under its line of credit.
According to the Real Deal, Kash Group is buying the Morgans and will turn the property into micro condos measuring 300 to 325 square feet and sell them for $700,000-$750,000 each.
Located at 237 Madison Ave., the Morgans Hotel closed on July 14.
Felcor is also under contract to sell the Royalton New York for gross proceeds of $55 million which will close in August. Felcor bought the Royalton and Morgans Hotels for $140 million in 2001.
The company is also trying to sell The Knickerbocker Hotel at Times Square.