When it comes to fancy getaways for some rest and relaxation, Morgans Hotel Group Co. (MHGC) works hard to provide clients with exactly what they need. They operate, own, or have ownership interest in, luxury hotels in the United States and Britain. Headquartered in New York City, Morgans lists on NASDAQ as part of the Lodging business sector.
Morgans has the distinction of being an innovator in the hotel industry. They are credited with establishing and developing a growing part of the hotel sector called “boutique hotels”. Boutique hotels offer personalized service and give clients a home-away-from-home feeling. Morgans provides this to clients while surrounding them with modern elegance.
They operate Morgans, the Royalton, and the Hudson in New York City. In Miami they have the Delano, The Shore Club, and the Mondrian. They also operate Mondrian hotels in Los Angeles and Scottsdale, Arizona. In San Francisco, they have the Clift hotel and in London, England they have St. Martins Lane and the Sanderson.
Morgans Hotel Group Co. began in 1984 when they opened the Royalton on Madison Avenue in New York. In 1995, they opened the Delano in Miami Beach and completed a full upgrade of the hotel in 2006. Morgans continually strives to keep their hotels state-of-the-art to meet the high expectations of their diverse clientele. This upgraded facility in Miami Beach is part of the new wave of urban resort hotels with indoor/outdoor lobbies.
Morgans Mondrian South Beach hotel residences are in the fashionable part of Biscayne Bay. This hotel is a a Morgan’s venture not located in a trendy tourist area, and comprises 342 units consisting of studios and one- and two-bedroom apartments. This hotel sits on prime waterfront real estate.
February 2007 saw Morgans acquire (with an equity partner) the Hard Rock Hotel and Casino in Las Vegas along with related assets. Their strategy is to develop unique properties in international gateway cities and select quality resort locations. Morgans goal is to give their clients top-notch customer service so their vacation stays are totally stress-free.
Concerning financials, Morgans Hotel Group Co. saw their revenue per available room grow by 5.6% for first quarter 2008 over the same period in 2007. When it comes to luxurious boutique hotels of charm and elegance, Morgans continues to stay on the cutting edge. Their focus is to offer shareholder value as they offer first-class service and accommodations to their clients. They see themselves as an oasis to those who need the comforts of home in a modern setting when they seek some R & R.
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