Morgans Hotel Group Shareholders Vote to Approve Acquisition by sbe
sbe is Expecting to Close ON THE TRANSACTION in the Fourth Quarter of 2016
LOS ANGELES, Sept. 29, 2016 /PRNewswire/ -- sbe, the Los Angeles-based leading lifestyle hospitality company that develops, manages and operates award-winning hospitality venues, today announced that earlier this week, shareholder approval was secured for the acquisition of Morgans Hotel Group. Assuming the acquisition is completed, sbe will have a portfolio of 20 world-class lifestyle hotel properties in nine attractive gateway markets, more than 90 world-renowned entertainment and food & beverage outlets, as well as an extensive pipeline of hotels scheduled to open by 2019.
The proposed merger with sbe received the approval of approximately 71% of the outstanding shares of common stock of Morgans. Of the 25,170,480 votes cast, 24,715,378 shares, or 98%, voted in favor of the sbe merger.
"We appreciate the overwhelming support of the Morgans shareholders to approve this transaction," stated Sam Nazarian, sbe Founder and CEO. "This shareholder approval is an important step in completing the merger and we continue to make progress to close this transaction as soon as practicable. We expect that this acquisition will further drive sbe to be the preeminent global lifestyle hospitality brand."
The merger is subject to the assumption of the Morgans mortgage debt by sbe, as well as other customary closing conditions.
About sbe:
sbe is a leading lifestyle hospitality company that develops, manages and operates award-winning hotels, restaurants and nightclubs. Through exclusive partnerships with cultural visionaries, sbe is dedicated to delivering the best in service, design, culinary programming, and entertainment. Already a proven leader in the hospitality and real estate industries, sbe has more than 100 properties currently operating or in development, and is expanding several of its flagship brands including SLS, Hyde and The Redbury, both nationally and internationally. The company will debut a new slate of hotel and residence properties in 2016, including the recently announced Hyde Hotel & Residences and SLS LUX Hotel & Residences. SLS Hotel & Residences will represent over 3,900 hotel rooms and 1,600 residences worldwide by 2019. In addition to its distinctive hotels, sbe's world-renowned restaurants and lounges include Katsuya, The Bazaar by José Andrés and Hyde Lounge. Founded in 2002 by Executive Chairman and CEO Sam Nazarian, sbe is a privately held company. More information about sbe can be obtained at sbe.com or by downloading the sbe App.
Media Contacts:
Kati Bergou
Rubenstein Public Relations
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SOURCE sbe
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