SBE Entertainment Group has agreed to acquire Morgans Hotel Group Co., reaching a deal on Monday to combine the two hotel operators after more than a year of on-and-off-again merger talks.

SBE is paying $2.25 per share in cash for the outstanding shares of Morgans, according to the two companies.

The deal puts an equity value on Morgans of about $82 million, the companies said. The total enterprise value, including assumption of debt, would be about $800 million.

The combined company will own or operate 20 boutique and upscale hotels in cities such as Miami Beach, London and New York, and will include hotel brands like SLS, Delano and Mondrian.

Los Angeles-based SBE is acquiring all the Morgans brands, and ownership of the Hudson hotel in New York and the Delano property in Miami Beach.