Morgans Hotel Group announces new Hotel Management agreement in Qatar
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Morgans Hotel Group announces new Hotel Management agreement in Qatar
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Category: Middle East - Qatar - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-02-23
265 Key Mondrian Expected to Open in 2013
Morgans Hotel Group Co. (Nasdaq: MHGC) ("Morgans") announced today that it has entered into a new hotel management agreement for a Mondrian hotel in Doha, Qatar that is currently under construction and is expected to open in early 2013. The 265 key hotel is located in the West Bay Lagoon, a prestigious and flourishing neighborhood of Doha, and is expected to feature multiple restaurants and bars with both international and regional cuisine including an indoor/outdoor rooftop pool bar; breathtaking banqueting and meeting venues; a top-of-the-line spa; and other exciting amenities. It is financed by a Qatar-based bank and being developed and owned by one of the members of Qatar's Royal Family.
The capital of Qatar, Doha is quickly becoming a gateway city in the Middle East and an important business and cultural market internationally with a booming economy and a deliberate growth strategy. Already host to numerous high profile athletic and cultural events, Qatar's winning bid for the 2022 World Cup will fuel further development in the country as well as increased tourism and global recognition.
"Doha is a vibrant place with an impressive array of commercial and leisure attractions along with incredible growth opportunities. The developer is creating a spectacular hotel that we will be delighted to include in our collection. We are pleased to have been selected to manage the property over multiple other contenders," Marc Gordon, President of Morgans Hotel Group, said. "This agreement is another example of the international appeal of our brand, and every indication is that Doha will be a launching pad for further growth for us in the region. It is also consistent with our asset-light strategy of entering into long-term management contracts that expand our brands and leverage our strong marketing and management capabilities."
Upon completion, Morgans will operate the hotel pursuant to a 30-year management contract with extension options. The transaction does not involve equity or other investment from Morgans.
Morgans also recently announced management agreements for three new hotels in Cabo San Lucas, Mexico; coastal Turkey; and New York City. Both the Turkey and Cabo properties will be branded with the Delano name.
About Morgans Hotel Group
Morgans Hotel Group Co. (Nasdaq: MHGC) is widely credited as the creator of the first "boutique" hotel and a continuing leader of the hotel industry's boutique sector. Morgans Hotel Group operates and owns, or has an ownership interest in, Morgans, Royalton and Hudson in New York, Delano and Shore Club in South Beach, Mondrian in Los Angeles and South Beach, Clift in San Francisco, Ames in Boston, and Sanderson and St Martins Lane in London. Morgans Hotel Group and an equity partner also own the Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans Hotel Group also manages hotels in Isla Verde, Puerto Rico and Playa del Carmen, Mexico. Morgans Hotel Group has other property transactions in various stages of completion in various locations around the world including the Mondrian Soho in New York, which is scheduled to open on March 1st.
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