Sbe, a Los Angeles-based hospitality company that develops, manages and operates hospitality venues, announced that shareholder approval was recently secured for the acquisition of Morgans Hotel Group.
Assuming the acquisition is completed, sbe will have a portfolio of 20 lifestyle hotel properties in nine gateway markets, more than 90 entertainment and food and beverage outlets, as well as an extensive pipeline of hotels scheduled to open by 2019. The proposed merger with sbe received the approval of approximately 71% of the outstanding shares of common stock of Morgans.
Of the 25,170,480 votes cast, 24,715,378 shares, or 98%, voted in favor of the sbe merger.
"We appreciate the overwhelming support of the Morgans shareholders to approve this transaction," stated Sam Nazarian, sbe founder and CEO. "This shareholder approval is an important step in completing the merger and we continue to make progress to close this transaction.”
The merger is subject to the assumption of the Morgans mortgage debt by sbe.
