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Two top London hotels up for sale

25 August 2004

The St Martins Lane and Sanderson hotels in London have been put up for sale with a price tag understood to be well in excess of £100m.

The hotels are owned jointly by Morgans Hotel Group, formerly Ian Schrager Hotels, and property group Burford.

Agent Jones Lang LaSalle will begin marketing the hotels in about six weeks' time.

Burford is due to make a formal announcement later today.

Morgans Hotel Group intends to hold onto the management contract to run the hotels, so the planned sale should not affect operations.

Morgans last week completed a $475m (£265m) refinancing to reduce its debt burden.

It also recently completed a sale-and-leaseback deal on its Clift hotel in San Francisco, worth $71m (£40m).

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