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Morgans Hotel Group Co. (MHGC) [hlAlert]

Rating:
Neutral MHGC

Morgans Hotel Group Co. (MHGC) downgraded to Neutral by UBS

Posted on: Tuesday,  Jun 24, 2008  8:25 AM ET by UBS

Morgans Hotel Group
(MHGC) rated Neutral by UBS.

Morgans Hotel Group Co. is an integrated hospitality company that operates, owns, acquires, develops and redevelops boutique hotels primarily in gateway cities and select resort markets in the United States, Europe and in select international locations. As of December 31, 2008, the Company owned or partially owned, and managed a portfolio of 12 luxury hotel properties in New York, Miami, Los Angeles, Scottsdale, San Francisco, London and Las Vegas, comprising approximately 3,700 rooms. In addition, it has two hotel developments, in Boston and New York, and a hotel expansion in Las Vegas representing an estimated 1,300 additional guest rooms. In June 2008, the Company entered in a joint venture agreement with Normandy Real Estate Partners and Ames Hotel Partners as part of the development of the Ames hotel in Boston, Massachusetts.

UBS is the leading global wealth manager, a top tier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking. With headquarters in Zurich and Basel, Switzerland, UBS operates in over 50 countries and from all major international centers. UBS employs more than 80,000 people.
Stock Market Advice
Date/Time (ET)SymbolRatingTermPrice (*)Target
12/2/2008 10:25 AM Buy
None
4.24
as of 12/24/2008
1 Week up  3.83 %
1 Month up  39.12 %
3 Months up  1.63 %
1 YTD down  -7.08 %
Previous Recommendations
Date/Time (ET)SymbolRatingTermPrice (*)Target
6/24/2008 8:25 AM Hold
None
11.50

(*) Stock Price at the time of the recommendation.
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