NEW YORK, May 5, 2010 /PRNewswire via COMTEX/ --Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG" or the "Company") today reported financial results for the quarter ended March 31, 2010.
Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 11.6%, or 10.1% in constant dollars, in the first quarter of 2010 from the comparable period in 2009.
RevPAR increases were achieved in the first quarter of 2010 as compared to the first quarter of 2009 in all four of the markets where MHG has significant real estate ownership, specifically, New York, Miami, Los Angeles and London.
Adjusted EBITDAfor the first quarter was $9.2 million, a $2.8 million or 43.0% increase from the comparable period in 2009.
Management fees increased by $1.0 million or 28.4% in the first quarter of 2010 over the comparable period in 2009.
Read More:
0 comments:
Post a Comment