Morgans Hotel Group, owner of the famous South Beach boutique lodging pioneer, announced Thursday that it had signed hotel management agreements that will expand the Delano brand to Mexico and Turkey.
The 114-room Delano in Cabo San Lucas, on Mexico’s Baja Peninsula, is under construction and expected to open in early 2013.
In Turkey, the 200-room hotel will be on the Aegean Sea. Also pegged to a 2013 opening, the resort will have several restaurants and bars, a Turkish spa and a focus on water sports.
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Showing posts with label Morgans Hotel Group. Show all posts
Showing posts with label Morgans Hotel Group. Show all posts
Thursday, February 10, 2011
Saturday, February 5, 2011
Hard Rock foreclosure sale rescheduled
The proposed foreclosure sale of the Hard Rock hotel-casino in Las Vegas has been rescheduled from Monday to Tuesday — assuming a New York state judge in Manhattan allows the foreclosure to proceed.
Attorneys are waiting for Bernard Fried, a New York State Supreme Court justice, to rule on the Las Vegas Hard Rock's motion that the foreclosure be blocked. In New York, the Supreme Court is a trial court similar to Clark County District Court in Las Vegas. The highest court in New York is the state Court of Appeals.
If Fried allows the foreclosure to proceed, it's now set for 4 p.m. Tuesday, New York time, on the New York City courthouse steps.
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Attorneys are waiting for Bernard Fried, a New York State Supreme Court justice, to rule on the Las Vegas Hard Rock's motion that the foreclosure be blocked. In New York, the Supreme Court is a trial court similar to Clark County District Court in Las Vegas. The highest court in New York is the state Court of Appeals.
If Fried allows the foreclosure to proceed, it's now set for 4 p.m. Tuesday, New York time, on the New York City courthouse steps.
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Wednesday, February 2, 2011
Hard Rock files lawsuit to stop foreclosure
The Hard Rock Hotel in Las Vegas claims a company trying to foreclose on the struggling hotel has no right to do so and is trying to gain an advantage over other investors, according to a lawsuit filed in New York Supreme Court.
In the 825-page lawsuit filed on Tuesday against an entity created by NorthStar Realty Finance Corp. of New York, the Hard Rock said it was bringing "this action ... to prevent NorthStar from foreclosing on a major Las Vegas hotel casino and destroying plaintiffs' equity value as a consequence."
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In the 825-page lawsuit filed on Tuesday against an entity created by NorthStar Realty Finance Corp. of New York, the Hard Rock said it was bringing "this action ... to prevent NorthStar from foreclosing on a major Las Vegas hotel casino and destroying plaintiffs' equity value as a consequence."
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Tuesday, February 1, 2011
Lenders file foreclosure notice against Hard Rock Hotel
A group of lenders has filed a notice of foreclosure against the financially struggling Hard Rock Hotel, which would give the lenders the right to take control of the hotel-casino in a public auction scheduled for Feb. 7.
The lending group, NRFC HRH Holdings LLC, controls a piece of the $1.36 billion loan used to acquire, renovate and expand the Hard Rock. A joint venture including Morgans Hotel Group and investment banking firm DLJ Merchant Banking Partners bought the Hard Rock in 2007 with the goal of revamping the property and boosting profit by catering to well-heeled guests.
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The lending group, NRFC HRH Holdings LLC, controls a piece of the $1.36 billion loan used to acquire, renovate and expand the Hard Rock. A joint venture including Morgans Hotel Group and investment banking firm DLJ Merchant Banking Partners bought the Hard Rock in 2007 with the goal of revamping the property and boosting profit by catering to well-heeled guests.
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Wednesday, January 26, 2011
Luxury hotel chain to introduce 'minibar for the mind'
Luxury hotel chain Morgans Hotel Group is to follow the lead of several cruise lines by introducing a program to ensure that the minds of its guests are as well exercised as their bodies.
Morgans, which owns high profile hotels Sanderson and St Martins Lane in London, New York's Mondrian Soho and the Mondrian Los Angeles, among others, announced January 25 that it would partner with The School of Life, an organization that runs programs and services aimed at increasing personal fulfillment.
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Morgans to sell two NYC hotels
Jones Lang LaSalle Hotels is handling the sale of the Royalton and Morgans hotels for the company, which as of November 30 had liabilities of $801.2 million. Its market cap is $282.2 million, according to Reuters data.
Bids for the two hotels are due next week, said sources familiar with the matter.
Morgans could not be reached immediately for comment.
Jones Lang La Salle Hotels declined to comment.
The two hotels offer a buyer high-end assets in the most coveted urban locations, which are enjoying a surge in demand as business travel recovers.
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Bids for the two hotels are due next week, said sources familiar with the matter.
Morgans could not be reached immediately for comment.
Jones Lang La Salle Hotels declined to comment.
The two hotels offer a buyer high-end assets in the most coveted urban locations, which are enjoying a surge in demand as business travel recovers.
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Saturday, December 25, 2010
Hardrock cancels Rehab Reality show
The truTV reality show “Rehab: Party at the Hard Rock Hotel” won’t be returning for a fourth season, attorneys have disclosed.
The disclosure was made last week in court papers by attorneys for the Las Vegas Hard Rock hotel-casino, which hosts Rehab day parties during the summer and was hit with a trademark lawsuit over the TV show in September by the owner of the international Hard Rock brand.
Hard Rock Cafe International charged in the September lawsuit that the TV show about the Las Vegas parties was tarnishing the Hard Rock brand by portraying “drunken debauchery, acts of vandalism, sexual harassment, violence and criminality.”
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The disclosure was made last week in court papers by attorneys for the Las Vegas Hard Rock hotel-casino, which hosts Rehab day parties during the summer and was hit with a trademark lawsuit over the TV show in September by the owner of the international Hard Rock brand.
Hard Rock Cafe International charged in the September lawsuit that the TV show about the Las Vegas parties was tarnishing the Hard Rock brand by portraying “drunken debauchery, acts of vandalism, sexual harassment, violence and criminality.”
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Friday, December 24, 2010
Morgans Hotel Extends CEO Tenure
Morgans Hotel Group Co. is extending the period of service of its chief executive officer (CEO) Fred Kleisner by 3 months. Kleisner was supposed to resign upon the completion of his tenure on December 31.
The New York-based company began the hunt for its new CEO in late summer or early fall. The company also appointed the executive search firm Spencer Stuart to speed up the pursuit. Although Morgans Hotel has not yet been able to find an appropriate candidate, management expects to find the replacement by March 2011.
We believe it will be quite challenging for the company to find a suitable replacement for Fred Kleisner, as he boasts four decades of experience in the hotel industry. Moreover, his dedicated service has helped the company scale new heights.
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The New York-based company began the hunt for its new CEO in late summer or early fall. The company also appointed the executive search firm Spencer Stuart to speed up the pursuit. Although Morgans Hotel has not yet been able to find an appropriate candidate, management expects to find the replacement by March 2011.
We believe it will be quite challenging for the company to find a suitable replacement for Fred Kleisner, as he boasts four decades of experience in the hotel industry. Moreover, his dedicated service has helped the company scale new heights.
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Tuesday, November 30, 2010
Morgans Hotel Retains Search Firm As It Seeks New CEO
Morgans Hotel Group Co. (MHGC) is seeking a successor for Chief Executive Fred Kleisner, whose contract expires at year's end but is willing to remain on board past then if need be.
The luxury hotel operator has retained an executive-search firm to assist its search committee in the process. Chairman David Hamamoto said the company is "considering a number of highly qualified candidates."
Morgans and an equity partner own the Hard Rock Hotel & Casino in Las Vegas.
Kleisner served as CEO of Wyndham International from March 2000 to March 2005. Prior experience includes senior roles at Starwood Hotels & Resorts Worldwide Inc. (HOT) and a series of other major lodging companies.
Morgans has posted red ink on an annual basis for at least five years. The company's third-quarter loss was due to write-downs, masking improving operating results at its hotels amid a rebound in the travel sector.
The luxury hotel operator has retained an executive-search firm to assist its search committee in the process. Chairman David Hamamoto said the company is "considering a number of highly qualified candidates."
Morgans and an equity partner own the Hard Rock Hotel & Casino in Las Vegas.
Kleisner served as CEO of Wyndham International from March 2000 to March 2005. Prior experience includes senior roles at Starwood Hotels & Resorts Worldwide Inc. (HOT) and a series of other major lodging companies.
Morgans has posted red ink on an annual basis for at least five years. The company's third-quarter loss was due to write-downs, masking improving operating results at its hotels amid a rebound in the travel sector.
Tuesday, November 16, 2010
Hard Rock hotel fires back in trademark lawsuit, claims ‘harassment’
The Las Vegas Hard Rock hotel-casino is hitting back in a trademark lawsuit filed by the owner of the Hard Rock brand, charging in a counterclaim that Hard Rock Cafe International is interfering with its business in Nevada and other states.
"The (Las Vegas) Hard Rock defendants have done nothing wrong and, in fact, are victims of systematic legal and business harassment by the cafe, which today’s countersuit seeks to remedy," last week's counterclaim says.
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"The (Las Vegas) Hard Rock defendants have done nothing wrong and, in fact, are victims of systematic legal and business harassment by the cafe, which today’s countersuit seeks to remedy," last week's counterclaim says.
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Thursday, November 4, 2010
Hard Rock Hotel continues to face financial problems
Financial problems continue to plague the Hard Rock Hotel in Las Vegas, its management company announced Wednesday.
"Unless the market improves markedly, or the joint venture generates additional liquidity, there is a risk to (our) equity position and management agreement, which may be terminated by the lenders in the event of foreclosure," Morgan Hotels Group Co., manager of the Hard Rock and a minority investor, said in its third-quarter earnings report.
"Unless the market improves markedly, or the joint venture generates additional liquidity, there is a risk to (our) equity position and management agreement, which may be terminated by the lenders in the event of foreclosure," Morgan Hotels Group Co., manager of the Hard Rock and a minority investor, said in its third-quarter earnings report.
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Monday, November 1, 2010
New Hard Rock Hotel and Casino opens in Dominican Republic
A new Hard Rock Hotel & Casino opened today in Punta Cana, Dominican Republic. The November 1 opening was announced last Thursday by Hard Rock International – a joint venture between Hard Rock International and Palace Resorts.
The new hotel and casino is a transformation of what was formerly the Moon Palace Casino, Golf and Spa Resort located on Macao Beach at the eastern tip of the Dominican Republic.
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The new hotel and casino is a transformation of what was formerly the Moon Palace Casino, Golf and Spa Resort located on Macao Beach at the eastern tip of the Dominican Republic.
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Thursday, October 14, 2010
Morgan Hotel Group signes up for new hotel in Bahamas
Baha Mar announced last night that it has signed"a letter of intent"with Morgans Hotel Group to operate and manage the planned 300-room luxury lifestyle hotel to be included as part of the development.
Baha Mar said in a press release that,"The partnership with Morgans Hotel Group comes following a decision previously announced by Baha Mar to shift its strategy away from aligning with a single family of hotels, towards one that allows it to work with multiple, best-in-class brands".
Baha Mar said Morgans has a long history of revolutionizing the hospitality industry with innovative lodging concepts characterized by personalized service, design-centric ambiance and timeless elegance.
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Baha Mar said in a press release that,"The partnership with Morgans Hotel Group comes following a decision previously announced by Baha Mar to shift its strategy away from aligning with a single family of hotels, towards one that allows it to work with multiple, best-in-class brands".
Baha Mar said Morgans has a long history of revolutionizing the hospitality industry with innovative lodging concepts characterized by personalized service, design-centric ambiance and timeless elegance.
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Monday, October 4, 2010
Morgans Extends Loans Backed by Hudson New York Hotel, Mondrian
Oct. 4 (Bloomberg) -- Morgans Hotel Group Co. won extensions for loans backed by its Hudson New York hotel in Manhattan and the Mondrian Los Angeles after paying down a portion of the money owed on the two properties.
The debts now will expire in October 2011, the New York- based hotelier said. Morgans paid down $16 million of the Hudson loan and $17 million of the Mondrian debt, bringing the outstanding amount on the Hudson’s first mortgage to $201.2 million and the Mondrian’s remaining debt to $103.5 million.
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The debts now will expire in October 2011, the New York- based hotelier said. Morgans paid down $16 million of the Hudson loan and $17 million of the Mondrian debt, bringing the outstanding amount on the Hudson’s first mortgage to $201.2 million and the Mondrian’s remaining debt to $103.5 million.
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Saturday, September 25, 2010
Morgans says Hard Rock lawsuit 'is without merit'
A day after owners of the Orlando-based Hard Rock Cafe restaurant chain sued the ownership of the Hard Rock Hotel and Casino in Las Vegas over its name, New York-based Morgans Hotel Group responded.
Morgans, a company entirely separate from the cafe chain, owns 14.2 percent of the Hard Rock and operates it day-to-day.
According to the lawsuit, Hard Rock Cafe said the casino is a place that "revels in drunken debauchery." The party image has damaged the name enough to justify ending a 14-year-old licensing agreement.
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Morgans, a company entirely separate from the cafe chain, owns 14.2 percent of the Hard Rock and operates it day-to-day.
According to the lawsuit, Hard Rock Cafe said the casino is a place that "revels in drunken debauchery." The party image has damaged the name enough to justify ending a 14-year-old licensing agreement.
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Saturday, September 11, 2010
Morgans Hotel gets more time to pay back loans
Boutique hotel operator Morgans Hotel Group Co. said Friday lenders have again agreed to give it more time to pay back $377.5 million in loans secured by two hotels.
The company owes $217 million on a first mortgage secured by the Hudson Hotel in New York and $120.5 million on a first mortgage secured by the Mondrian Los Angeles.
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The company owes $217 million on a first mortgage secured by the Hudson Hotel in New York and $120.5 million on a first mortgage secured by the Mondrian Los Angeles.
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Saturday, August 7, 2010
Morgans Hotel Group Reports Second Quarter 2010 Results
Adjusted EBITDAfor the second quarter was $14.0 million, a $2.3 million or 19.7% increase from the second quarter of 2009. On a comparable basis, Adjusted EBITDA increased by 25%.
Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 13.3%, or 14.0% in constant dollars, in the second quarter of 2010 from the comparable period in 2009 led by a 23.1% increase at MHG's New York hotels.
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Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 13.3%, or 14.0% in constant dollars, in the second quarter of 2010 from the comparable period in 2009 led by a 23.1% increase at MHG's New York hotels.
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Friday, July 16, 2010
Morgans Hotel Refinances Debt
Morgans Hotel Group Co. (MHGC - Snapshot Report) announced recently that it has refinanced in full the existing mortgage debt secured by two hotels in London. The company enjoys a 50% ownership through a joint venture with an affiliate of Walton Street Capital in these two hotels. Morgans Hotel Group’s operates the two hotels – Sanderson and St Martins Lane in London under a long-term management contract.
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Monday, July 12, 2010
Morgans Hotel Group Provides Update on the Status of the Debt Secured by Hudson and Mondrian Los Angeles
NEW YORK, July 12 /PRNewswire-FirstCall/ -- Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG") today announced that it has entered into forbearance agreements with the lenders which hold the mortgage loans secured by its Hudson and Mondrian Los Angeles hotels. The forbearance agreements effectively extend the maturities of the loans until September 12, 2010 allowing the company and the lenders to complete the negotiation and documentation of the appropriate amendments to further extend the loans. Based on the negotiations to date, we believe that the time will result in a combination of amendments to the loans and extensions of the maturities.
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Wednesday, May 5, 2010
Gaming execs: Las Vegas business showing signs of improvement
Operators of Las Vegas' Hard Rock Hotel say the free fall on hotel rates has ended in other properties run by the Morgans Hotel Group in other cities and a similar pattern is emerging in Las Vegas.
Frederick Kleisner, CEO and a director for New York-based Morgans, told the state Gaming Control Board today that the company has seen a pattern of event-driven demand, followed by sustained demand and the driving of higher rates in New York, Los Angeles and Miami.
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Frederick Kleisner, CEO and a director for New York-based Morgans, told the state Gaming Control Board today that the company has seen a pattern of event-driven demand, followed by sustained demand and the driving of higher rates in New York, Los Angeles and Miami.
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