Morgans Temporarily Closes the Royalton
Will Undergo a Complete Refurbishment and Redesign
NEW YORK, NY, June 1, 2007. Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG") today announced that it will temporarily close its legendary Royalton hotel on June 10th, 2007, for the first time since opening in 1988, to undergo a complete refurbishment and redesign.
The newly renovated Royalton will feature thoughtfully re-imagined public spaces including the entrance, lobby, restaurant, bar, lounge areas, and hallways on the guestroom floors. The hotel will also boast three newly designed penthouses and upgraded guest rooms. It is anticipated that the grand re-opening of Royalton's new design will occur in October 2007.
"Our distinctive brands are MHG's greatest asset, and the best way for us to remain at the forefront of the boutique hotel sector is by ensuring that our properties consistently exceed our guests' expectations," said Ed Scheetz, President and Chief Executive Officer of MHG. "We look forward to revamping Royalton to enhance the property's elegance and style, appealing to today's modern guest."
Hotel guests scheduled to stay at Royalton during this period will have an option of staying at either Morgans (located in mid-town east) or Hudson (located blocks from Central Park).
The closing of the hotel is not expected to have a material impact on our financial condition or our previously issued guidance for 2007.
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