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 worldârenowned designer. The company, or rather its founder Ian Schrager, is generally credited with inventing of the boutique hotel when it opened Morgans Hotel in New York in 1984.
[edit] History
Originally created by Ian Schrager and Steve Rubell, and then as Ian Schrager Hotels [1], the company became Morgans Hotel Group in 2005. Ian Schrager then left MHG to start another venture, the Ian Schrager Company [2]. Morgans Hotel Group then had an IPO in February 2006. [3]
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. [4]
The Chief Executive Officer of Morgans Hotel Group is W. Edward Scheetz. The Chief Financial Officer is Richard Szymanski.
[edit] MHG Hotels
- New York
- Miami
- Delano Hotel
- Shore Club Hotel
- Mondrian South Beach - under development
- Los Angeles
- San Francisco
- Scottsdale
- Mondrian Scottsdale
- London
- St Martins Lane Hotel
- Sanderson Hotel
- Las Vegas
- Hard Rock Hotel and Casino (Currently owned by Peter Morton - sale to MHG is expected to be completed in early 2007)
- Delano at Echelon - under development
- Mondrian at Echelon - under development
