Morgans Hotel Group Co. ( MHGC ): President and CEO, Director Fred J Kleisner Bought 20,000 Shares
Morgans Hotel Group Co. ( MHGC ), a hospitality company, engages in the operation, ownership, acquisition, development, and redevelopment of boutique hotels in gateway cities and resort markets in the United States and Europe. Despite 3% revenue rise to $80.7 million, the company lost $7 million or $0.22 a share on costly joint ventures with Mondrian South Beach and Delano Las Vegas. Comparing to last year, the company made a profit of $436,000 or $0.01 a share. Morgans Hotel Group closed on funding for its Hard Rock Hotel & Casino expansion project—which is also jointly funded by DDLJ Merchant Banking Partners. The Las Vegas resort will cost up to $760 million; the project will be completed by 2009. The company’s shares are currently at its 52-week low.
President and CEO, Director Fred J Kleisner bought 20,000 shares on 6/18/08 at $12.51; and 10% Owner Associates, Llc Otk bought a total of 677,472 shares at $15.24 to $15.63.
Morgans Hotel Group Co. has a market cap of $359.33 million; its shares were traded at around $11.17 with P/S ratio of 1.09.
$11.34 (07/04/08)
