London hotels just keep blooming: Morgans Hotel Group has announced that it has entered into a hotel management agreement for an approximately 360-room Mondrian-branded hotel that will be located at Sea Containers on the South Bank of the River Thames. 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.
Sea Containers is a large office building located on the South Bank of the Thames. The owner of the building reportedly intends to renovate the building into a mixed-use development to include a 360-room Mondrian hotel and 280,000 square feet of office space. The hotel will reportedly have a restaurant and both a ground floor bar and rooftop bar, which will be developed by The Light Group. Morgans intends to invest approximately $15 million, of key money into the project.
Earlier in the year, the Company announced it has entered into hotel management agreements for Mondrian-branded hotels in Doha, Qatar and in Nassau, The Bahamas.
