Morgans Hotel Group Wins New Long-term Management Agreement in Istanbul
Morgans Hotel Group Co. (NASDAQ: MHGC) today announced that it has entered into a hotel management agreement for an approximately 128-room Mondrian-branded hotel to be located in the Old City area of Istanbul, Turkey. This hotel is expected to be the seventh Mondrian hotel in the expansion of the Company's iconic brand.
Upon completion and opening of the hotel, Morgans will operate the hotel pursuant to a 20-year management agreement, with a 10-year extension option. The hotel is scheduled to open in 2014.
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