Press Releases |
| Date | Title | | | 06/12/13 | Morgans Hotel Group Board Slate Committed And Best Positioned To Execute A Sale Of The Company| Morgans Urges Shareholders to Vote on the WHITE Proxy Card Today
Morgans' Board Slate 100% Committed to Promptly Initiating a Sales Process for the Company upon Re-Election at the Company's 2013 Annual Shareholder Meeting
OTK Dissident Slate Offers No Plan to Address Significant Consent Rights of Yucaipa
NEW YORK, June 12, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company") today issued a letter to shareholders in connection with its 2013 Annual Shar... |
|  | | 06/07/13 | Morgans Hotel Group Presents Clear Choice For Shareholders: Sale Or Stalemate| Morgans' Board Slate 100% Committed to Promptly Initiating a Sales Process for the Company Upon Re-Election at the Company's 2013 Annual Shareholder Meeting
OTK Dissident Slate Offers Only a Vague Plan that Does Not Address Balance Sheet Challenges or Significant Consent Rights of Yucaipa
Yucaipa Announces Support for the Company Board Slate and a Sales Process and States It Will Not Bid for the Company
NEW YORK, June 7, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morg... |
| | | 06/05/13 | Glass Lewis Rejects OTK's Attempt To Take Control Of Morgans Hotel Group's Board| Both Glass Lewis and ISS Support Majority of Morgans' Directors Retaining Control
Morgans Supports Glass Lewis' Conclusion that Giving Full Control to OTK Would Be Detrimental to Shareholder Value
OTK's Slate of Nominees is a Highly Conflicted Group of Family, Family Employees and Family Friends
Morgans Urges Shareholders to Protect Their Investment by Voting the WHITE Proxy Card
NEW YORK, June 5, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company"... |
| | | 06/05/13 | ISS Rejects OTK'S Attempt To Take Control Of Morgans' Board| ISS Supports Majority of Morgans' Directors Retaining Control
Morgans Supports ISS's Conclusion that Giving Full Control to OTK Would Be Detrimental to Shareholder Value
OTK's Slate of Nominees is a Highly Conflicted Group of Family, Family Employees and Family Friends
Morgans Urges Shareholders to Protect Their Investment by Voting the WHITE Proxy Card
NEW YORK, June 5, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company") today announced that Inst... |
| | | 06/04/13 | Morgans Hotel Group Expands on Board Slate Commitment to Explore Full Range of Strategic Alternatives| Expressions of Interest from Five Potential Strategic Buyers Underscore Current Opportunity to Create Shareholder Value
Substantial Uncertainty around Proposed Deleveraging Transaction Contributed to Determination to Pursue Strategic Alternatives
NEW YORK, June 4, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today reaffirmed that its slate of Board nominees is fully committed to initiating a process to explore strategic alternatives, including a sale... |
| | | 06/04/13 | Morgans Hotel Group's Slate Of Director Nominees Announces Its Intention To Explore Full Range Of Strategic Alternatives| Announcement Follows Feedback from Company Stockholders and Recent Receipt of Expressions of Interest to Acquire the Company from Five Potential Strategic Buyers
NEW YORK, June 4, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today announced that its slate of director nominees intends to initiate a process to explore strategic alternatives, including a sale of the Company, upon re-election at the Company's Annual Meeting of Stockholders on June 14, 2013.... |
| | | 06/03/13 | Morgans Hotel Group To Host Live Webcast For Shareholders On Thursday June 6 at 9:00 am ET| - Company will emphasize why its Board and management team are best positioned to maximize value for shareholders
- Will discuss gaps, flaws and inaccuracies with OTK's supposed "plan"
- Company will urge shareholders to vote against OTK's highly conflicted board slate of family, family employees and family friends
- Shareholders will have an opportunity to submit questions to the Company
NEW YORK, June 3, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the ... |
| | | 06/03/13 | Morgans Hotel Group Identifies Serious Deficiencies In OTK's Slate Of Nominees That Threaten Shareholder Value| OTK's Nominees Are a Highly Conflicted Group of Family, Family Employees and Family Friends
Taubman and Olshan Families Seek to Take Control of Morgans without Paying a Premium
Morgans Urges Shareholders to Protect Their Investment by Voting the WHITE Proxy Card
NEW YORK, June 3, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company") today issued a letter to shareholders in connection with its 2013 Annual Meeting scheduled to b... |
| | | 05/29/13 | Morgans Hotel Group Board Votes To Eliminate Poison Pill| NEW YORK, May 29, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today announced that its Board of Directors has voted to terminate the Company's stockholder rights plan, commonly known as a "poison pill," on or before October 3, 2013. Additionally, the Company has established a new policy that requires stockholder approval of any future stockholder rights plan either prior to, or within twelve months of adoption of, such plan.
"The decision to terminate... |
| | | 05/29/13 | Morgans Hotel Group Board Best Positioned To Maximize Shareholder Value| OTK's "Plan" Doesn't Add Up
OTK Attempting to Seize Control without Paying a Control Premium
NEW YORK, May 29, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today issued a letter to shareholders in connection with its 2013 Annual Meeting scheduled to be held on June 14, 2013.
The text of the May 29 letter follows:
Dear Fellow Morgans Hotel Group Shareholder:
YOUR VOTE IS IMPORTANT – VOTE THE WHITE PROXY CARD TODAY
Your vote at the June 1... |
| | | 05/17/13 | Morgans Hotel Group Provides Clarification on Investor Filing| NEW YORK, May 17, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today provided clarification regarding statements made in a filing submitted by The Yucaipa Companies ("Yucaipa"). The reference in the Yucaipa filing was to a letter received in November 2012 from a large international hotel company proposing to acquire all of the Company's outstanding common stock for $7.50 per share in cash. The letter said the proposal was based on publicly available info... |
| | | 05/14/13 | Court Provides Morgans Hotel Group Board Opportunity to Ratify Deleveraging Transaction| Company Also Announces Reinstatement of Annual Meeting Date
NEW YORK, May 14, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today said that it is pleased that the Delaware Court of Chancery has given the Company's board of directors the opportunity to ratify the deleveraging transaction, previously announced on April 1, 2013, if it receives a favorable recommendation from the special transaction committee of the board. Both the special transaction commi... |
| | | 04/29/13 | Morgans Hotel Group Reports First Quarter 2013 Results| NEW YORK, April 29, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today reported financial results for the quarter ended March 31, 2013. The Company will host a conference call to review the results on Tuesday, April 30, 2013 at 9:00 am.
Adjusted EBITDA was $7.5 million in the first quarter of 2013, a $6.5 million increase over the same period in 2012, due primarily to increases in EBITDA at the Company's fee-owned hotels, Delano South Beach and Hudso... |
| | | 04/16/13 | Morgans Hotel Group Issues Statement To Shareholders| NEW YORK, April 16, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company"), the New York-based hospitality management company, today issued the following statement to its shareholders:
"Given the needlessly inflammatory and disingenuous statements in the latest press release issued by OTK Associates in support of their effort to take complete control of our Company for no consideration, we urge shareholders to review our upcoming earnings announcement, prospe... |
| | | 04/11/13 | Morgans Hotel Group Announces First Quarter 2013 Earnings Date And Conference Call Information| NEW YORK, April 11, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) today announced that it will release its first quarter 2013 results after the market closes on Monday, April 29, 2013.
In conjunction with the release, the Company will host a conference call to review the quarter's results on Tuesday, April 30, 2013 at 9:00 AM Eastern time. The call will be webcast live over the Internet and can be accessed at www.morganshotelgroup.com under the About Us, Investor Overview sect... |
| | | 04/09/13 | Morgans Hotel Group Voluntarily Reschedules Rights Offering And Extends Closing Date| Pro-Rata Rights Offering Now to Close After Record Date for 2013 Annual Meeting
New Timeline Underscores Sole Purpose of Pro-Rata Rights Offering is to Create Long-Term Value for Shareholders as Part of Yucaipa Transaction
Rights Offering and Transformative Yucaipa Transaction Enable Company to Significantly Reduce Debt and Near-Term Maturities and Fund Growth
NEW YORK, April 9, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company"), the New York-based ... |
| | | 04/01/13 | Morgans Hotel Group Announces $100 Million Rights Offering| NEW YORK, April 1, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company"), the New York-based hospitality management company, today announced a $100 million rights offering to its stockholders and other equity holders at a subscription price of $6.00 per share of common stock. The rights offering is being conducted in connection with the Company's recently announced transaction with The Yucaipa Companies ("Yucaipa"), the culmination of a 15-month exploration pro... |
| | | 04/01/13 | Morgans Hotel Group Enters Transformative Deal With Yucaipa Companies To Reduce Debt And Preferred Stock By $230 Million| Culmination of 15-Month Strategic Review Process
Significantly Reduces Debt and Near-Term Maturities
Rights Offering to Raise $100 Million
Company Announces New Annual Meeting Date
NEW YORK, April 1, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company"), the New York-based hospitality management company, today announced that it has signed agreements with The Yucaipa Companies ("Yucaipa") to cancel Yucaipa's interests in the Company's convertible not... |
| | | 03/18/13 | Morgans Hotel Group Co. Responds To Notice From OTK Associates, LLC|
NEW YORK, March 18, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) (the "Company") received a notice from OTK Associates, LLC of its intent to nominate a full slate of its own directors for election at the Company's 2013 annual meeting of stockholders. The Corporate Governance and Nominating Committee will carefully review the notice and the board will respond appropriately in due course.
In its review, the board will consider, among other factors, that OTK owns approximatel... |
| | | 03/05/13 | Mondrian Los Angeles Unveils Sleek New Look and Public Spaces| Celebrated Boutique Hotel Introduces New Poolside Cabanas, Lobby Bar, BASE Store and Chic Design Updates to Hotel Lobby and Skybar
LOS ANGELES, March 5, 2013 /PRNewswire/ -- A fixture on the Sunset Strip since the day it opened, Morgans Hotel Group unveiled the latest transformation of its celebrated Mondrian Los Angeles property with the introduction of three new public spaces this month including new poolside cabanas, a lobby bar and café, and specialty curated lifestyle shop, BASE. Origina... |
| | | 02/28/13 | Morgans Hotel Group Sets 2013 Annual Meeting Date|
NEW YORK, Feb. 28, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company") announced today that it has scheduled its Annual Meeting of Stockholders to be held at Hudson in New York City on Wednesday, May 15, 2013 at 10:00 AM Eastern time. The record date for determination of stockholders entitled to vote at the meeting has been set as the close of business on Friday, March 22, 2013.
About Morgans Hotel Group
Morgans Hotel Group Co. (NASDAQ: MHGC) is wid... |
| | | 02/28/13 | Morgans Hotel Group Reports Fourth Quarter And Full Year 2012 Results|
NEW YORK, Feb. 28, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today reported financial results for the quarter and year ended December 31, 2012. The Company will host a conference call to review the results on Friday, March 1, 2013 at 9:00 am.
Adjusted EBITDA was $12.7 million in the fourth quarter of 2012, a 47.9% increase over the same period in 2011 due primarily to 38.8% and 33.5% increases in EBITDA at Delano South Beach and Hudson, respecti... |
| | | 02/20/13 | Morgans Hotel Group Announces Fourth Quarter 2012 Earnings Date And Conference Call Information|
NEW YORK, Feb. 20, 2013 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) today announced that it will release its fourth quarter 2012 results after the market closes on Thursday, February 28, 2013.
In conjunction with the release, the Company will host a conference call to review the quarter's results on Friday, March 1, 2013 at 9:00AM Eastern time. The call will be webcast live over the Internet and can be accessed at www.morganshotelgroup.com under the About Us, Investor Overview ... |
| | | 02/11/13 | Morgans Hotel Group Announces The Opening Of Hudson Common| Introducing New York's Newest Haven of Craft Beers and Burgers
NEW YORK, Feb. 11, 2013 /PRNewswire/ -- Following the success of Hudson Lodge, New York's first-ever ski lodge themed lounge in the middle of Manhattan, Morgans Hotel Group is excited to announce the birth of its newest food and beverage concept, Hudson Common. A modern-day beer hall and burger joint, Hudson Common will feature a wide selection of local craft beers, inventive preparations of classic American fare, and soda shoppe-... |
| | | 11/14/12 | Morgans Hotel Group Refinances the Mortgage Loan Secured by Hudson| - New Loan Provides Additional Liquidity -
- Financing Underscores Significant Value of Hudson Real Estate -
NEW YORK, Nov. 14, 2012 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans"), the New York-based hospitality management company, today announced that it has successfully executed a new $180 million non-recourse loan secured by Hudson in New York. The proceeds were used to retire the previous mortgage loan on Hudson of $115 million and fund reserves required under the ... |
| | | 11/01/12 | Morgans Hotel Group Reports Third Quarter 2012 Results|
NEW YORK, Nov. 1, 2012 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today reported financial results for its third quarter ended September 30, 2012. The Company will host a conference call to review the quarter's results on Friday, November 2, 2012 at 10:30 am.
Adjusted EBITDA was $2.9 million in the third quarter of 2012. The Company's quarterly operating results reflect lower hotel revenues and operating expenses compared to the prior year's quarter ... |
| | | 10/24/12 | Morgans Hotel Group Announces Third Quarter 2012 Earnings Date And Conference Call Information|
NEW YORK, Oct. 24, 2012 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) today announced that it will release its third quarter 2012 results after the market closes on Thursday, November 1, 2012.
In conjunction with the release, the Company will host a conference call to review the quarter's results on Friday, November 2, 2012 at 10:30AM Eastern time. The call will be webcast live over the Internet and can be accessed at www.morganshotelgroup.com under the About Us, Investor Overvie... |
| | | 10/03/12 | Delano Arrives In Marrakech|
NEW YORK, Oct. 3, 2012 /PRNewswire/ -- Morgans Hotel Group announces the opening of its newest international property, Delano Marrakech. From the shores of South Beach to the African continent, the much-anticipated Delano Marrakech exudes the mystery and exoticism of its surroundings, while offering the style, sophistication and unmatched standards of service that world travelers have come to expect from the Delano brand.
(Photo: http://photos.prnewswire.com/prnh/20121003/NY85802-a )
(Ph... |
| | | 08/16/12 | Morgans Hotel Group and Capital Group Announce Delano Moscow| ICONIC DELANO BRAND EXPANDS TO RUSSIA IN 2015
10TH NEW MANAGEMENT DEAL, NEARLY DOUBLING COMPANY PORTFOLIO
NEW YORK, Aug. 16, 2012 /PRNewswire/ -- Morgans Hotel Group announces plans to extend their signature luxury brand into Russia with the opening of Delano Moscow, the third international Delano-branded property, following the opening of Delano Marrakech slated for September 2012, and Delano Cesme scheduled to open in 2015. With Delano Moscow, Morgans Hotel Group is positioned to delive... |
| | | 08/02/12 | Isola Trattoria & Crudo Bar Opens At Mondrian SoHo| Morgans Hotel Group's New Coastal Italian Concept Transports Downtown Diners to the Amalfi Coast
NEW YORK, Aug. 2, 2012 /PRNewswire/ -- As summer winds down, Morgans Hotel Group Co. (NASDAQ: MHGC) has launched a new, coastal Italian restaurant aptly named Isola Trattoria & Crudo Bar at Mondrian SoHo, opening August 3. The restaurant's food and ambience are both inspired by the Amalfi Coast, Italian Riviera and Sicily, and with a native Sicilian at the helm, Exe... |
| | | 07/30/12 | Morgans Hotel Group Reports Second Quarter 2012 Results|
NEW YORK, July 30, 2012 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") today reported financial results for its second quarter ended June 30, 2012. The Company will host a conference call to review the quarter's results on Tuesday, July 31, 2012 at 10:30 am.
Adjusted EBITDA was $6.3 million in the second quarter of 2012. The Company's quarterly operating results reflect lower hotel revenues, operating expenses and interest expense due to the sale of owne... |
| | | 07/25/12 | Morgans Hotel Group Reveals Location Of Second Hudson Branded Property At Great Scotland Yard| 234-Room Hudson Outpost in London Marks Brand's International Expansion
NEW YORK, July 25, 2012 /PRNewswire/ -- Morgans Hotel Group is excited to announce that its newest Hudson property will be located on Great Scotland Yard in St. James's, London. The Hudson London deal was officially announced by the boutique hospitality management company in June, but the location of the project has been unconfirmed until today. Following Hudson's flagship hotel in New York, Hudson London at Great Scotla... |
| | | 07/23/12 | Morgans Hotel Group Announces Second Quarter 2012 Earnings Date And Conference Call Information|
NEW YORK, July 23, 2012 /PRNewswire/ -- Morgans Hotel Group Co. (NASDAQ: MHGC) today announced that it will release its second quarter 2012 results after the market closes on Monday, July 30, 2012.
In conjunction with the release, the Company will host a conference call to review the quarter's results on Tuesday, July 31, 2012 at 10:30AM Eastern time. The call will be webcast live over the Internet and can be accessed at www.morganshotelgroup.com under the About Us, Investor Overview sect... |
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