SBE earlier this week received shareholder approval for the acquisition of Morgans Hotel Group. With the acquisition, SBE will add a portfolio of 20 properties in nine markets, more than 90 entertainment and food and beverage outlets, as well as a pipeline of hotels scheduled to open by 2019.
The proposed merger received approval of approximately 71% of the outstanding shares of common stock of Morgans. Ninety-eight percent of votes were in favor of the SBE merger.
“We appreciate the overwhelming support of the Morgans shareholders to approve this transaction,” said Sam Nazarian, founder and CEO of SBE. “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.”
The merger is still subject to the assumption of the Morgans mortgage debt by SBE, as well as other customary closing conditions.