Boston, MA 05/20/2013 (wallstreetpr) – Friday’s trading session saw Morgans Hotel Group Co (NASDAQ:MHGC) climbing up by 13.15%. It opened at a price of $7.40 which reached an intraday high of $7.48 before heading down to close at $6.81 per share. In excess of 1.46 million shares exchanged hands in the previous trading session. This figure stood above the average volume of 0.138 million that was measured over a 30-day period.
On Friday, Morgans Hotel Group Co (NASDAQ:MHGC) said in a statement, that an un-named suitor had offered to buy-out all its outstanding common stock in November for cash of $7.50 per share. At that time the company had not been interested in the proposal at that price and that it might consider a higher one. MHGC said that in February that it had received a very similar proposal from the very same suitor at the older price and that it will not be budging from its stand.
MHGC is a fully-integrated lifestyle hospitality company. It owns, acquires, operates, develops as well as redevelops boutique hotels. These are largely located in gateway cities as well as select resort markets in Europe, the United States and various other international locations. It also has restaurants, nightclubs, bars and other beverage and food venues in the hotels it operates. In addition to this, it has establishments such as these in casinos and hotels in Las Vegas. These are operated by MGM Resorts International. Its operations are conducted via Morgans Group LLC. Morgans Hotel Group Co (NASDAQ:MHGC) also has a portfolio of brands. These include St Martins Lane, Royalton, Sanderson, Clift, Morgans, Ames and Shore Club.
