The Morgans Hotel Group is looking to sell the company following a takeover attempt by the largest shareholders - OTK Associates.

OTK attempted to seize control of the hotel group, which operates the Sanderson and St Martins Lane hotels in London, after accusing Morgans of wasting resources and not capitalising on its potential.

The Hotel Group said that five major hospitality companies had shown interest in the US-based outfit, which operates a number of lifestyle brands such as the Mondrian, Delano and Hudson, as well as several independent properties.

In addition to its current holdings in London, Morgans is currently developing an additional two properties - the 360-room Mondarin, located on South Bank, set to open next year and the 234-room Hudson, on Great Scotland Yard in St James' which is launching in 2015.