NEW YORK (AP) — Morgans Hotel Group Co. said Tuesday it has failed to reach a deal with lenders on restructuring terms of its loan on a Scottsdale, Ariz., hotel and is prepared to surrender the Mondrian property to the lenders.
New York-based Morgans Hotel stopped paying its $40 million mortgage and mezzanine loans on the property in June. The loans, which had been due June 1, are secured by its interests in the Scottsdale hotel.
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