Morgans signs management agreement for Mondrian Istanbul

20th December 2011 (Last Updated December 20th, 2011 18:30)

US-based hospitality firm Morgans Hotel Group has entered a management agreement for a Mondrian-branded hotel to be located in Istanbul, Turkey.

US-based hospitality firm Morgans Hotel Group has entered a management agreement for a Mondrian-branded hotel to be located in Istanbul, Turkey.

The 128-room property will be the seventh Mondrian hotel in the expansion of the company’s brand.

Morgans will operate the hotel pursuant to a 20-year management agreement, with a ten-year extension option, once the hotel is open.

According to Morgans, the Mondrian Istanbul will open in 2014.

Morgans Hotel Group CEO Michael Gross said the development of the Mondrian Istanbul will be the company’s fourth management contract for a Mondrian-branded hotel in an international location this year.

The hotel will offer food and beverage options conceived by The Light Group, function space, a spa renovated from an existing Turkish bath, and additional facilities and amenities indicative of a lifestyle hotel.

Morgans Hotel Group will contribute $10m in the form of equity and key money, and will have a 20% ownership interest in the venture.

The company has already entered hotel management agreements for Mondrian-branded hotels in Doha, Qatar; Nassau, Bahamas; and London, UK.

The group operates Morgans, Royalton and Hudson in New York; Delano and Shore Club in South Beach; Mondrian in Los Angeles, South Beach and New York; Clift in San Francisco; Ames in Boston; Sanderson and St Martins Lane in London; and a hotel in Playa del Carmen, Mexico.