MKM Partners Upgrades Morgans Hotel Group (MHGC) to Neutral
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Morgans Hotel Group Reports First Quarter 2016 Results
May 9, 2016 4:06 PM EDTNEW YORK, May 09, 2016 (GLOBE NEWSWIRE) -- Morgans Hotel Group Co. (NASDAQ: MHGC) (the Company or Morgans) today reported financial results, in constant dollars where applicable, for the quarter ended March 31, 2016.
First Quarter 2016 Operating Results
Adjusted EBITDA, defined below, excluding the Companys ownership interests in TLG and Mondrian SoHo, which the Company no longer held effective during the first quarter of 2015, was $8.1 million in the first quarter of 2016, compared to $9.5 million for the same period in 2015, a decrease of 14.5%.  Adjusted EBITDA for the first quarter of 2015,... More
SBE to Acquire Morgans Hotel Group
May 9, 2016 4:01 PM EDTNEW YORK, May 09, 2016 (GLOBE NEWSWIRE) -- Morgans Hotel Group Co. (NASDAQ: MHGC), (Morgans) today announced it has entered into a definitive agreement under which Morgans will be acquired by leading global lifestyle hospitality company SBE. Under terms of the agreement, SBE will acquire all of the outstanding shares of Morgans common stock for $2.25 per share in cash, which, together with the exchange of Morgans Series A preferred securities, the assumption of debt and transfer of capitalized leases, represents a total enterprise value of approximately $794 million. The per share price represents a 69 percent premium over... More
