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Morgans Hotel Group Reports Lower Revenues

1 min reading time

Published on 01/08/12 - Updated on 17/03/22

Morgans Hotel Group has reported financial results for its second quarter ended June 30, 2012.

The Company's quarterly operating results reflect lower hotel revenues for the second quarter ended June 30, 2012. Adjusted EBITDA for the second quarter of 2012 was $6.3 million, a decrease of $5.4 million from the same period in 2011.RevPAR at System-Wide Comparable Hotels, which excludes Delano and Hudson, decreased by 0.6% in constant dollars in the second quarter of 2012 from the comparable period in 2011. Excluding the results of all hotels under renovation (Mondrian Los Angeles, Morgans and Sanderson), RevPAR increased by 2.9% in constant dollars.The group recorded a net loss of $13.4 million for the second quarter of 2012 compared to a net loss of $11.4 million for the second quarter of 2011.Since the end of the first quarter, the Company announced management agreements for the following three hotels: Delano Marrakech, expected to open in September 2012; Mondrian Marrakech, expected to open in late 2013; and Hudson London at Great Scotland Yard, expected to open in early 2015.

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