Hotel News Resource - Morgans Hotel Group Hotel Industry News

Morgans Hotel Group Co. (NASDAQ: MHGC) announced that it has entered into a hotel management agreement for an approximately 128-room Mondrian-branded hotel to be located in the Old City area of Istanbul, Turkey. This hotel is expected to be the seventh Mondrian hotel in the expansion of the Company's iconic brand.

Morgans Hotel Group Co. (NASDAQ: MHGC) announced that it has entered into a hotel management agreement for an approximately 360-room Mondrian-branded hotel to be located at Sea Containers on the South Bank of the River Thames in London.

Positions Company to Increase F&B Revenues, Drive ADR Growth and Win New Management Agreements

Morgans Hotel Group Co. (NASDAQ: MHGC) (, the operator and 50% owner of the London joint venture that owns Sanderson and St Martins Lane, today announced that the joint venture partners have closed on the sale of the Sanderson and St Martins Lane hotels to Capital Hill Hotels Limited, a Middle Eastern investor with other global hotel holdings.

The acquisition provides Morgans with a first class food and beverage platform

Company to Continue to Operate Hotels Under Long-term Management Agreements

Morgans Hotel Group Co. (NASDAQ: MHGC) announced that it has entered into a hotel management and residential licensing agreement for a 310-room Mondrian-branded hotel, to be the lifestyle hotel destination in the 1,000 acre destination resort metropolis, Baha Mar Resort, in Nassau, The Bahamas.

EBITDA from Owned Comparable Hotels increased by 26% in the second quarter of 2011 as compared to the same period in 2010, driven by a 13.5% RevPAR increase. Operating margins at Owned Comparable Hotels increased by 340 basis points.

Boutique hotel operator Morgans hired away two of Marriott's execs who were in charge of developing its luxury boutique brand, Edition.

Gross, 35, attended Cornell's hospitality school but spent his career financing deals for Wall Street firms and hedge funds.