Aug 10 2009
Morgans Hotel Group Reports Loss in 2nd Quarter
According to the Associate Press the Morgans Hotel Group Co. has recently reported a loss of $10.1 million in the second quarter of 2009.
Executives from the Morgan Hotel Group Co. believe that the economy is still challenging but they positive that things will change soon.
President and CEO Fred Kleisner commented:”We saw some returns in occupancy in the second quarter and modest, but nevertheless meaningful, pockets of promise across the business.”
The occupancy of the Morgans Hotel Group fell 12.5% in the second quarter. For the period ended June 30, revenue went down 31% to $56.4 million from $81.3 million.
