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New York-based Morgans Hotel Group Co. (MHGC - Snapshot Report) recently announced that it has entered into a 20-year management agreement to rebrand a 200-room property in London under its Hudson brand. The new Hudson London will open in early 2015.
Hudson brand is the company’s renowned lifestyle brand and has a presence in New York under the name Hudson New York. The opening of Hudson London will mark the entry of the brand in the international market. Hudson London is expected to be as successful as Morgans Hotels’ other brand properties in London like Sanderson and St Martins Lane.
Additionally, Morgans Hotel is refurbishing its Hudson property in New York City, Hudson New York. Hudson New York is located at the heart of New York City and was opened in 2000. The property portrays the vivacious and bold lifestyle of New York. Morgans Hotel’s has invested $30 million for renovation of the property. The ongoing renovation activity includes technology upgrade and transformation of restaurants, advancement of rooms, bar, and others. The renovation is expected to be completed by the end of August 2012.
Owing to saturation in the U.S. market, major hoteliers are exploring growth opportunities abroad. Morgans Hotel’s like its peers Wyndham Worldwide Corporation (WYN - Analyst Report) and Starwood Hotels & Resorts Worldwide Inc. (HOT - Analyst Report) is also on the expansion mode. The company has other brand properties on the verge of completion in the international market including a Delano brand hotel in Turkey, Mondrian brand hotels in Turkey, Doha, Qatar, Nassau and London.
Morgans Hotel, known as the pioneer of boutique hotels, is a leading hospitality management company of the hotel industry's boutique sector. The company operates under various brands, like Morgans, Royalton, Hudson, Delano, Mondrian and others. The company has boutique hotel properties mainly in the United States, Europe, and internationally.
We presently have a long-term Neutral recommendation on Morgans Hotel, which holds a Zacks #3 Rank signifying a short term ‘Hold’ rating.
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