Morgans Hotel Group shareholders approve sale to SBE
Tuesday, 30 Sep, 2016
0
Morgans Hotel Group shareholders have given their blessing to the proposed buyout by SBE.
SBE Entertainment reached agreement in Morgans earlier this year to buy the company for about about $800 million, although a last minute counter bid was received earlier this month from an unknown company known only as ‘Bidder V.’
That competing bid seems to have broken down as shareholders holding a combined 71% of Morgans’ stock approved the sale to SBE.
The deal is expected to close by the end of the year.
Morgans brands include Delano and Mondrian and SBE will own 20 hotels in cities such as Miami Beach, New York, Los Angeles and London.
SBE’s own portfolio includes the SLS brand and dozens of entertainment venues and restaurants.
"This shareholder approval is an important step in completing the merger and we continue to make progress to close this transaction as soon as practicable. We expect that this acquisition will further drive SBE to be the preeminent global lifestyle hospitality brand."
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Strike action set to cause travel chaos at Brussels airports