NEW YORK, May 19, 2015 /PRNewswire/ -- Morgans Hotel
Group Co. (NASDAQ: MHGC) (the "Company"), today announced that
Jason T. Kalisman has resigned as
Interim Chief Executive Officer of the Company to spend more time
on personal matters, effective immediately, and he will remain a
member of the Board. Howard M.
Lorber, veteran real estate investor and member of Morgans
Board, has been named Chairman. The Board intends to continue its
CEO search and in the interim, Richard
Szymanski, Chief Financial Officer, will temporarily assume
the duties of the principal executive officer for securities law
reporting purposes.
"On behalf of the entire Board, I want to thank Jason for his
past contributions and for his continuation as a director of the
Company," commented Mr. Lorber. "Going forward, we will continue to
build on our operational momentum and complete the strategic
alternatives process in a timely manner."
"After careful consideration and discussions with the Board, I
have decided it is in the best interests of the Company to resign
from my position as interim CEO to attend to personal obligations,"
said Mr. Kalisman. "I am incredibly proud of what we achieved
during my time as CEO at Morgans and did not want my obligations to
inhibit the strategic review process or slow the strong momentum
our team has worked so hard to build over the past two years. With
the Annual Meeting and first quarter earnings behind us and other
key developments underway – I am certain that now is the right time
to make this transition in order for them to complete the process
and determine the best path forward for the Company."
About Morgans Hotel Group
Morgans Hotel Group
Co. (NASDAQ: MHGC) is widely credited as the creator of the first
"boutique" hotel and a continuing leader of the hotel industry's
boutique sector. Morgans Hotel Group operates Delano in South Beach, Mondrian in
Los Angeles, South Beach and
London, Hudson in New York, Morgans and Royalton in New York, Clift in San Francisco, Shore Club in South Beach and
Sanderson and St Martins Lane in London. Morgans Hotel Group
has ownership interests or owns several of these hotels. Morgans
Hotel Group also has expanded its brand through Delano in Las
Vegas, a licensed hotel, and 10 Karakoy in Istanbul, Turkey, a franchised hotel. Morgans
Hotel Group has other hotels in various stages of development to be
operated under management or franchise agreements, including a
Mondrian property in Doha, Qatar.
For more information please visit www.morganshotelgroup.com.
Contacts:
Investors
Richard Szymanski
Morgans Hotel Group Co.
212.277.4188
Media
Daniel Gagnier/
Nathaniel Garnick
Sard Verbinnen & Co
212.687.8080
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SOURCE Morgans Hotel Group Co.