Morgans Hotel Group

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The Morgans Hotel Group NASDAQ: MHGC (MHG) is a hospitality company that operates, owns, acquires and redevelops boutique hotels in the United States and Europe.

MHG owns or partially owns and manages eleven hotels in New York, Miami, Los Angeles, San Francisco, Scottsdale, Las Vegas and London comprising over 3,000 rooms. Each of its owned hotels was acquired and renovated by the Morgans Hotel Group and was designed by a world−renowned designer. The company is generally credited with inventing the boutique hotel 23 years ago when it opened Morgans Hotel in New York in 1984.

Contents 1 History 2 MHG Hotels 3 References 4 External links

[edit] History

Originally founded by Ian Schrager and Steve Rubell on the heels of their Studio 54 discotheque, NorthStar Capital, a company controlled by Edward Scheetz and David Hamamoto, acquired a controlling interest in the company in 1997. Ian Schrager left MHG in July of 2005 to start another venture, the Ian Schrager Company and Edward Scheetz, then a Board Member and managing partner, replaced him as CEO at that time. Morgans Hotel Group then had an IPO in February 2006. [1]

Since Scheetz became CEO, the company has embarked on an ambitious branded expansion plan. At the time of the IPO MHG had 9 hotels with 2,400 rooms. By July of 2007, the company had acquired or signed definitive development and management agreements for a number of additional hotels which will bring the total number of hotels to 17 and rooms to 6,500. On May 11, 2006, the company signed definitive agreements to purchase the Hard Rock Hotel and Casino, in Las Vegas together with rights to use the Hard Rock name for hotels and casinos in the Western US and certain other territories, 23 acres of land for expansion and the Hard Rock Cafe on the corner of Harmon and Paradise for $770 million. Golden Gaming would operate the Hard Rock Hotel and Casino's gaming facilities. [2]. The Company also entered into a 50/50 JV with Boyd Gaming to develop a Delano and Mondrian Hotel at Echelon on the Las Vegas Strip. The Company opened Mondrian Scottsdale in January of 2007, has commenced construction of Mondrian Miami, and has announced Mondrian SoHo, Mondrian Chicago, and an expansion of Delano Miami and a large expansion of Hard Rock Las Vegas.

The Chief Executive Officer of Morgans Hotel Group is Fred J. Kleisner. The Chief Financial Officer is Richard Szymanski.

[edit] MHG Hotels

• New York
  • Morgans Hotel
  • Royalton Hotel
  • Hudson Hotel
  • Mondrian SoHo under development

• Miami
  • Delano Hotel
  • Shore Club Hotel
  • Mondrian South Beach - under development

• Los Angeles
  • Mondrian Hotel

• San Francisco
  • Clift Hotel

• Scottsdale
  • Mondrian Scottsdale

• London
  • St Martins Lane Hotel
  • Sanderson Hotel

• Las Vegas
  • Hard Rock Hotel and Casino
  • Delano at Echelon - under development
  • Mondrian at Echelon - under development

• Chicago
  • Mondrian (Announced 6/2007, under development)

[edit] References

[edit] External links

• Morgans Hotel Group
• Interview with VP of Design Mari Balestrazzi