The Morgans Hotel Group (Mondrian, Delano, Shore Club) has acquired the James Hotel in Scottsdale for $47 million. Now open as the Scottsdale Mondrian, the 194-room hotel plans to remain in business as the makeover takes place. Renovations, to be completed by years end, include transforming the Scottsdale property to emulate their signature Mondrian in Los Angeles. A Sophisticated modern retreat, Asia de Cuba Restaurant, Skybar with intimately veiled cabanas for rent, Red Bar, and Agua Bathhouse Spa. Rates from $175