Meanwhile, the other drama that's been going on with Morgans board members should come to a head today with Reuters reporting that incumbent board may stick around after saying it would be open to selling the company. And very interestingly, Morgans has apparently "rejected two takeover bids from a large international hotel company since November." Oooo who could it be??? Analysts have stated Marriott and Starwood would be good potential candidates. That. would. be. amazing. Then maybe finally Morgans will start offering free WiFi, at least in their lobbies!
Some bright news in the Morgans portfolio? The famed Mondrian Los Angeleson Sunset Boulevard is sporting a new lobby and SKY Bar look, thanks to recent renovation and have just opened a new carefully curated lifestyle store called BASE. Room rates are currently $279 a night.
UPDATE: The board has voted and all of OTK Associates nominees have been elected. Here's the statement from OTK:
OTK Associates, LLC (“OTK”), the largest shareholder of Morgans Hotel Group Co. (“Morgans”) (Nasdaq: MHGC) with 13.9% of the outstanding common stock of the company, today announced that, based on the preliminary results, Morgans stockholders have voted overwhelmingly to elect all seven OTK nominees – John Dougherty, Jason Kalisman, Mahmood Khimji, Jonathan Langer, Andrea Olshan, Michael Olshan and Parag Vora – to the company’s board of directors. Certification of the final results by the independent inspectors of elections, IVS Associates, is expected to be completed shortly.