The Hotel to be rebranded as Delano Las Vegas

The Hotel, an 1,100-room all-suite resort attached to Mandalay Bay, will become the Delano Las Vegas under a partnership between MGM Resorts International and Morgans Hotel Group.

The companies announced the agreement Monday in which The Hotel will be renovated and redesigned. MGM Resorts, which owns Mandalay Bay, will manage the renamed property under a licensing agreement.

The project is expected to be completed in 2013. Financial terms and the cost of the renovation were not disclosed.

The resort's public space, including bars, lounges, spa and restaurants, will also be renovated.

Mandalay Bay President Chuck Bowling said the Delano brand is popular in key Latin American and European markets, "which we have strategically identified for future growth potential."

As part of the agreement, Morgans will introduce several new restaurants at Mandalay Bay that will be managed by The Light Group. One of the new restaurant concepts will replace Red Square.