NEW YORK – On December the 1st the American Morgans Hotel Group announced that it has entered into a hotel management agreement for an approximately 360-room Mondrian-branded hotel to be located at Sea Containers on the South Bank of the River Thames in
London. This hotel is expected to be the sixth Mondrian hotel in the expansion of the Company's iconic brand and the first Mondrian hotel in Europe.
Upon completion and opening of the hotel, Morgans will operate the hotel pursuant to a 25-year management agreement, with two 10-year extension options. The hotel is scheduled to open in early 2014.
"We are very excited to announce our first Mondrian hotel in Europe," said Michael Gross, Chief Executive Officer of Morgans Hotel Group.
Sea Containers is an approximately 412,000 square foot office building centrally located on the South Bank of the River Thames, close to many cultural attractions as well as business hubs. The owner of Sea Containers intends to renovate the building into a mixed-use development to include a 360-room Mondrian hotel and 280,000 square feet of prime office space.
The hotel will have an innovative restaurant and both a ground floor bar and rooftop bar. Morgans intends to invest approximately 9 million pounds, or approximately $15 million, of key money into the project.
Source: morganshotelgroup.com