Morgans Hotel Group has completed the sale of Royalton and Morgans Hotels in New York, US, to an affiliate of FelCor Lodging Trust for $140m.

The hotels include the 20-storey, 114-room Morgans Hotel located on Madison Avenue in Midtown Manhattan.

The transaction also includes the 168-room Royalton Hotel, which is located in the heart of Midtown West Manhattan and offers three unique penthouses and a restaurant / bar called Forty Four.

Morgans will continue to operate the hotels under 15-year management agreements, with one ten-year extension option.