Morgans turns over SoBe project

Morgans Hotel Group has turned over the shuttered hotel project at 1960
Collins Avenue and 1685 James Avenue to an affiliate of Crescent Heights
of America in a deed in lieu of foreclosure. The company, which is
based in New York, owns the Delano, along with an ownership interest in
the Mondrian and a minority share in the Shore Club. The company said it
transferred the lots to SU Gale Properties, which is managed by
Crescent Heights principal Russell Galbut. [SFBJ]

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