Morgans Hotel Group
The hotel group that currently runs stylish and high-end hotels in the US and UK, has just announced plans of building a hotel in Dubai.
September 9, 2008 6:04 by kippreport
The company was floated on the Nasdaq two years ago. It recorded a net loss of $700,000 for the second quarter of 2008, compared to net income of $800,000 in the same period last year. The company attributed the loss to stock compensation expense, depreciation and amortization.
As of June 30 this year, the group’s consolidated debt stood at around $730m and its liquidity was around $206m. The group expects to spend approximately $25m for hotel renovation and expansion projects and $20- $30m for joint venture projects in 2008 and 2009.
The group authorized a $30m stock repurchase program on July 1 this year, and bought 1.1 million shares of its stock for $12.2m.