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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

Take-over talks

Last month, Times reported that two sovereign wealth funds from Dubai and Abu Dhabi were fighting to gain control of the group. Dubai-based Zabeel and Mubadala, the investment arm of the Abu Dhabi government reportedly approached MHG with offers valuing it at around $1.4b including debt.

The group was apparently approached by a number of suitors after it went to financial institutions for raising fresh capital for expansion.

 

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