New South Beach Hotel
The company behind the Delano and Shore Club hotels plans a new resort on a quiet, residential stretch of South Beach: the western shore.
Morgans Hotel Group announced this afternoon it paid $110 million for the middle tower of the Mirador residential complex at 10th Street and West Avenue.
The New York company said the tower will be converted into a condo-hotel complex, where at least some of the rooms will be owned individually. The new hotel will carry the Mondrian brand after a popular Morgans hotel in Los Angeles.
The announcement contained few details, but the company has scheduled a conference call to announce quarterly earnings later this afternoon. The partners say they will spend $60 million on renovations.
