In a sign that Morgans Hotel Group is getting serious about making its hotels popular nightlife destinations, the New York-based boutique hotel operator has announced that it's buying a 90 percent stake in Vegas nightclub operator the Light Group for about $47 million.
With the purchase, Morgans hopes to inject new life into its food and beverage outlets. Customers haven't been spending as much on food and drink as they did before the recession, and Morgans recently ended its affiliation with its former food partner China Grill. Morgans now operates 13 upscale boutique hotels such as the Hudson in New York, the luxury Delano in South Beach and trendy Mondrian hotels in New York, Los Angeles and Miami.
The company left Las Vegas earlier this year after selling its stake in the Hard Rock, but it clearly still has an eye on the city. "Las Vegas is a market we know our customers go to," CEO Michael Gross told analysts. "That's definitely something that is high on our priority list."
Courtesy of USA Today
