US-based Morgans Hotel Group (MHG) has reported a net loss of $24.8m in the third quarter (Q3) of 2011 compared with a net loss of $37.1m for the same period of 2010.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation for the quarter decreased by 56.1% to $4.9m compared with Q3 2010.
RevPAR at its system-wide comparable hotels rose by 9.3% compared with Q3 2010, which increased by 6.3%.
MHG posted an 18.6% decline in total hotel revenues during Q3 2011 compared with Q3 2010 as a result of the sale of Mondrian Los Angeles, Royalton and Morgans in May 2011.
Related
RevPAR at the company’s comparable owned hotels, which include Hudson, Delano and Clift, increased by 7.7%.
In August 2011, MHG entered a hotel management and residential licensing agreement to convert a 310-room Mondrian-branded hotel into the lifestyle hotel destination Nassau, The Bahamas.
Content from our partners
MHG will spend $10m on projects at Delan and $20m at Hudson.
Related Companies
