Mondrian Soho sold at foreclosure auction

George Sell George Sell Uploaded 11 January 2015

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US: The Mondrian Soho in New York was sold last week at a foreclosure auction for US$200 million.

US: The Mondrian Soho in New York was sold last week at a foreclosure auction for US$200 million.

The new owners are real estate moguls Rotem Rosen and Alex Sapir in partnership with Buddha Bar founder and owner Gerard Guez.

Sapir and partners originally made a deal to buy the hotel in June 2014, but were required to outbid the competition in the auction on January 7. They will reportedly rebrand and rename the 270-room, boutique luxury hotel, which has been part of the Morgans Hotel Group since 2011.

The property was the subject of a foreclosure filing date in early 2013 when lender German American Capital Corp. alleged former owner Sochin Downtown Realty owed more than US$250 million in unpaid loans.

A Morgans spokesperson said: "Morgans Hotel Group has a long term management contract at Mondrian Soho in place and we have taken steps to enforce our rights, regardless of who owns the building. We currently expect the hotel will remain open and that all existing reservations will continue to be honoured."

www.morganshotelgroup.com/mondrian/mondrian-soho

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