|
Morgans Hotel Group
Morgans Hotel Group (NASDAQ: $MHG) was a global, publicly-traded hospitality company founded by Ian Schrager and specialized in the boutique hotel category.[1][2][3] Its foundations were laid in 1984 with the opening of the namesake Morgans Hotel in New York City. MHG was listed on the NASDAQ exchange for over a decade. History1984-2006: Ian Schrager's Morgans Hotel GroupIn 1984, Studio 54 co-founders and business partners Ian Schrager and Steve Rubell opened their first hotel, Morgans Hotel, named after J. P. Morgan's Morgan Library & Museum next-door. Designed by Andrée Putman, the instant hit introduced the boutique hotel category, becoming a "worldwide phenomenon."[1][2][3] It is characterized by its triple-arched entrances that remain today.[citation needed] Following the success of Morgans Hotel, they opened the well-received Royalton Hotel and Paramount Hotel, both designed by Philippe Starck. With these properties, Schrager introduced "lobby socializing" where the hotel lobby became a new kind of gathering place for hotel guests and New York City residents alike, and "cheap chic" was affordable luxury offered in a stylish, sophisticated environment.[4] Schrager is also credited with inventing the "urban resort" with his Delano Hotel in Miami and Mondrian Hotel in West Hollywood, also designed by Starck.[citation needed] These were followed by the Hudson Hotel in New York, where he fully realized his concept "hotel as lifestyle", which he continued to refine, expanding to cities such as San Francisco with the Clift Hotel and London with the St. Martins Lane Hotel and the Sanderson Hotel, all designed by the prolific Starck.[citation needed] NASDAQ: $MHG IPOIn June 2005, Schrager sold most of his stake in Morgans Hotel Group to launch the Ian Schrager Company. Despite stepping down as Chair and CEO, he retained $4 million in consultant pay and perks through end of 2007.[5][6] On Valentine's Day 2006, $MHG IPO'ed in a $360 million-target raise underwritten by Morgan Stanley, with Schrager cashing in his remaining 450,000 shares for another $9 million.[5] Lance Armstrong served as a Board Member at IPO. Morgans Hotel Group was a publicly traded company on NASDAQ for over a decade.[citation needed] 2013-2014: Ron Burkle vs. Alfred Taubman2014 saw the end of a legal proxy war for MHG control between two billionaire interests:
The two parties agreed to jointly seek a buyer, after all lingering legal proceedings with Burkle were settled.[8] However, it had no permanent CEO to lead the company until 2016.[9] 2016-2017: Sam Nazarian's SBE Entertainment Group M&AAfter years-long battle and board-rejected offers to buy MHG, Burkle partnered with Sam Nazarian's SBE Entertainment Group, who agreed to acquire MHG for $805 million, in a take-private transaction completed November 30, 2016.[10] Burkle converted his existing Morgans equity stake into a SBE ownership stake with a board seat. SBE also received investment from Cain International, a global real estate investment company headed by Todd Boehly and Jonathan Goldstein.[11] Nazarian retained majority ownership of SBE, remaining its Founder & CEO, leading day-to-day operations.[citation needed] The merged company owned and/or operated over 20 hotels, including six properties under SBE's flagship SLS brand.[12] Since 2020: AccorIn November 2020, all of SBE Entertainment Group's hotel holdings were sold to Accor, after the latter already acquired a 50% stake in 2018. The majority of former MHG hotels is now being operated by Accor's lifestyle subsidiary Ennismore. A few of the former hotels however, including the Morgans Hotel itself, are now closed.[citation needed] PortfolioAs an independent company before M&A, MHG owned and managed 17 hotels in Doha, Istanbul, London, Los Angeles, Las Vegas, Miami Beach, New York and San Francisco comprising over 3,000 rooms. Each of its hotels was designed by a world−renowned designer:[citation needed] New York
South Beach
Los Angeles
Las Vegas
San Francisco
London
Doha
Istanbul
References
External links |
Portal di Ensiklopedia Dunia
