Mandarin to Trade for $1M Per Key!
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Last week we were the first to report that Loews Hotels & Resorts is going to pay a record price for the Mandarin Oriental, and now some more details have come out. The sale of the 158-room Mandarin Oriental is expected to close at a whopping $1M per key, which would create a new record price paid on a per room basis, reports The Registry. The previous record was the $650k/room LaSalle threw down a year ago for the 200-room Hotel Vitale. We're told Loews is willing to pay top dollar because it wants assets, and when you are building a brand, which is what Loews is doing, you need certain anchors in certain cities. The deal, which was originally expected to close by the end of Q1, is now expected to close in mid-April. [REG]