Houlihan Lokey is pleased to announce sbe Entertainment Group has acquired Morgans Hotel Group Co. (NASDAQ: MHGC). The transaction closed on November 30, 2016.
Established in 2002 by Founder and CEO Sam Nazarian, sbe is a privately held, leading lifestyle hospitality company that develops, manages, and operates award-winning hotels, residences, restaurants, and nightclubs across many of the country's leading gateway markets including Las Vegas, Los Angeles, Miami, and New York. The company's established and upcoming hotel brands include SLS Hotels & Residences, SLS LUX Hotel and Residences, Redbury Hotels, and Hyde Hotel & Residences. In addition, sbe has the following international acclaimed restaurants and lounges: Katsuya, Cleo, The Bazaar by José Andrés, Fi'lia by Michael Schwartz, Umami Burger, Hyde Lounge, and Skybar.
Morgans is widely credited as the creator of the first "boutique" hotel and is a continuing leader of the hotel industry's boutique sector. Morgans owns and manages the Delano South Beach, the Hudson Hotel in New York, and the Clift Hotel in San Francisco. In addition, Morgans manages an additional 10 hotels across its Mondrian, Delano, and Morgans Originals brands in Istanbul, Las Vegas, London, Miami, and New York.
Following the acquisition of Morgans, sbe has a global portfolio featuring 22 world-class lifestyle hotel properties in nine attractive gateway markets and more than 129 global world-renowned hotel, entertainment, and food & beverage outlets.
Throughout its almost two-year engagement with sbe, Houlihan Lokey leveraged our real estate, lodging, and leisure investment banking expertise as well as our leading mergers and acquisitions experience to help sbe achieve the best outcome with respect to Morgans.