Morgans Hotel Goes Public (By Snowbird)

Want a piece of the Delano Hotel?  Just call your broker and buy a couple of shares in the Morgans Hotel Group.  The stock was set to be available today on the NASDAQ exchange and was expected to sell for around $20 a share with 18 million shares available.  Besides the Delano, the company owns hotels in California, London and New York and also manages the Shore Club in Miami, though they are currently being sued by the current Shore Club owner for "redirecting guests to the Delano" and other alleged evil deeds.  Ian Schrager opened the Delano in 1995 and he remains a consultant for two more years, though he has since launched another hotel chain and will open a redone Grammercy Park Hotel in New York this summer. The stock symbol is MHGC. Forbes.com has the breakdown and anlysis of the competitive boutique hotel market that incldues players Schrager, Andre Balasz, Starwood Hotels and Phillipe Starck.

 

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