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Morgans Hotel Group announces Q2 2014 results


Morgans Hotel Group announces Q2 2014 results
August 8, 2014
NEW YORK, NY – Morgans Hotel Group Co today reported financial results for the quarter ended June 30, 2014.
Second Quarter 2014 Operating Results
Second Quarter 2014 Operating Results
Adjusted EBITDA for the second quarter of 2014 was $14.8 million, a 17.7% increase over the same period in 2013. Excluding a termination fee related to Ames in Boston of $0.9 million, which was recorded in the second quarter of 2013, Adjusted EBITDA increased 26.7% in the second quarter of 2014 over the same period in 2013. The Company’s Owned Hotels generated strong operating results during the second quarter of 2014 as compared to the same period in 2013, led by 36.8% increase in EBITDA at Delano South Beach. ....

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Sam Nazarian Buys South Florida Mansion


Sam Nazarian with 8815 Arvida Drive (Getty, REWS Miami – David Hernandez)
SBE founder Sam Nazarian closed on a waterfront mansion in Coral Gables for $14 million, with plans to relocate from Los Angeles,
The Real Deal has learned.
Nazarian, who recently sold his remaining 50-percent stake in SBE Entertainment’s hotel brands, acquired the six-bedroom, eight-and-a-half-bathroom estate at 8815 Arvida Drive in Coral Gables, according to sources. Nazarian declined to comment.
The 9,694-square-foot Palladian-style home, with a home theater, master suite, covered terraces and cabana, sits on a 1.2-acre lot in the gated Gables Estates community. The property features a four-car garage, summer kitchen and pool, according to the listing. ....

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