Morgans Hotel Group reports Q2 EPS of ($0.30) vs ($0.30) single analyst estimate; revs -6% YoY to $52.8 mln vs $54.20 mln single analyst estimate
Revenue per available room at System-Wide Comparable Hotels decreased by 1.5% in constant dollars (2.8% in actual dollars) in the second quarter of 2016 as compared to the same period in 2015 due to a decrease of 2.4% in constant dollars (3.8% in actual dollars) in average daily rate offset by an increase in occupancy of 1.0%.
On May 9, 2016, the Company entered into a definitive agreement under which the Company will be acquired by SBEEG Holdings.