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November 8, 2011

Morgans Hotel Group reports Q3 net loss

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.

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.

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.

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MHG will spend $10m on projects at Delan and $20m at Hudson.

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