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SBE Entertainment, which in May reached an agreement to acquire Morgans Hotel Group, said Morgans shareholders have approved the proposed buyout.
Shareholders representing 71% of Morgans stock voted in favor of the acquisition, SBE said in a statement. Of the votes cast by shareholders, 98% were in favor of the buyout.
SBE said in May that it reached an agreement to buy Morgans Hotel Group for $2.25 a share, or about $794 million. SBE didn’t say if that purchase price had changed. Morgans said earlier this month that it received a competing bid for $2.75 a share from an entity it only identified as “Bidder V.”
With the acquisition, SBE would more than triple its hotel count to 20 from six.
Morgans’ brands include Mondrian and Delano. Morgans was founded by Ian Schrager in 1983, though Schrager sold his interest in 2005.
SBE didn’t say when it expected the transaction to close.
SBE is the parent of SLS Hotels and also owns the Katsuya, Cleo and Bazaar by Jose Andres restaurant brands.
Sourse: travelweekly.com
