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

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.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.