Morgans Hotel Group to go Public
WASHINGTON, DC, October 28, 2005. Morgans Hotel Group Co. filed an initial public offering to sell up to $300 million in common stock, according to a Form S-1 filed with the Securities and Exchange Commission. Details about the number of shares to be offered or an estimated price range for the IPO weren't disclosed in the filing.
New York-based Morgans Hotel Group is a hospitality company that operates and owns boutique hotels in New York, Miami, Los Angeles, San Francisco and London.
Morgans Hotel said it will contribute the net proceeds of the offering to Morgans Group LLC, its operating company, in exchange for a number of membership units in Morgans Group, which will use the net proceeds to repay debt for general corporate purposes.
The company had been known as Ian Schrager Hotels. Schrager, who founded Morgans and was its CEO, last year stepped back from day-to-day operating responsibility for the company to pursue opportunities in residential condominium development.
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