Delano Hotel in South Beach hits the market

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South Beach’s 194-room Delano hotel has been listed for sale one year after owner Morgans Hotel Group spent nearly $11 million on renovations, the Miami Herald reported. Morgans has yet to announce the listing price, however. Miami-Dade County property records show the assessed value of the hotel is approximately $55 million; a Real Estate Alert newsletter released yesterday estimated the market value of the property at $200 million. “Over the last few years, Morgans Hotel Group has shifted strategy to ensure that we remain a top lifestyle hospitality brand,” CEO Michael Gross said.  The hotel, at 1685 Collins Avenue, has generated average daily rates of $591 in the first quarter of 2012, at 71 percent occupancy. The property’s renovations included the new restaurant Bianca, a nightclub, a suite upgrade and 1,200 square feet of new meeting space. Jones Lang LaSalle Hotels will handle the marketing of the property. [Miami Herald]