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Morgans publishes results for Q3 2011
By Pete Hayman
Morgans Hotel Group (MHG) has recorded a 33 per cent decrease in net loss for the third quarter to 30 September 2011, when compared with the same three-month period last year.
The hotel operator said the drop was "primarily" due to a reduction in other non-operating expenses relating to charges for the change in the fair value of warrants issued to Yucaipa.
Meanwhile, the group also reported a US$1m (£628,000; EUR733,000) growth in adjusted EBITDA for the period, while RevPAR for comparable hotels was up more than 9 per cent.
MHG chief executive officer Michael Gross said: "Our hotels continued to perform well in the quarter and we made significant progress in positioning the company for growth.
"We have further reduced our leverage, eliminated all near-term consolidated debt maturities and improved our liquidity position. We are now focused on enhancing our status as a global leader in lifestyle hospitality management."
Morgans Hotel Group (MHG) has recorded a 33 per cent decrease in net loss for
the third quarter to 30 September 2011, when compared with the same three-month
period last year.
HHR,HOT
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