sbe, a US-based lifestyle hospitality company that develops, manages and operates hospitality venues, has received shareholders' approval for acquiring Morgans Hotel Group.
Upon completion of the acquisition, sbe will own a portfolio of 20 lifestyle hotel properties in nine markets.
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It also owns more than 90 entertainment and food & beverage outlets, as well as has a pipeline of hotels scheduled to open by 2019.
sbe founder and CEO Sam Nazarian said: “We appreciate the overwhelming support of the Morgans shareholders to approve this transaction.
“This shareholder approval is an important step in completing the merger and we continue to make progress to close this transaction as soon as practicable. We expect that this acquisition will further drive sbe to be the preeminent global lifestyle hospitality brand.”
Morgans Hotel Group also received the approval of approximately 71% of the outstanding shares of its common stock for the proposed merger with sbe.
The merger is subject to the assumption of the Morgans mortgage debt by sbe, as well as other customary closing conditions.
Founded in 2002, sbe has more than 100 properties currently operating or in development, and is expanding several of its flagship brands including SLS, Hyde and The Redbury, both in the US and international markets.
