Pursuits
Morgans Hotel Agrees to $794 Million Purchase by Nazarian's SBE
- Acquisition price is $2.25 a share in cash, a 69% premium
- Burkle's Yucaipa to take stake in SBE as part of deal
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Morgans Hotel Group Co., the operator of properties including the Mondrian in Los Angeles and Royalton in New York, said it agreed to be purchased by Sam Nazarian’s SBE for $2.25 a share in cash.
The per-share price is 69 percent more than Morgans’ May 5 closing price, Morgans said in a statement Monday. With the assumption of debt and transfer of capitalized leases, the total enterprise value of the deal is about $794 million, Morgans said.