Middle East management agreements looming for Morgans

George Sell George Sell Uploaded 09 November 2014

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UAE: Morgans Hotel Group says it is likely to confirm management agreements for two hotels in the Middle East in the “near-term”.

UAE: Morgans Hotel Group says it is likely to confirm management agreements for two hotels in the Middle East in the "near-term".

The new properties will be in addition to the 270-room Mondrian Doha, its first property in the GCC, which will open in Q2 2015.

"The company has two LOIs [letters of intent] for hotels in the Middle East, which we believe could be converted into management agreements in the near-term," the company said in its Q3 results statement.

In the third quarter, Morgans' adjusted earnings before interest, tax, depreciation and amortisation were US $11 million, up 15.2 per cent on the same period last year.

RevPAR was up 3.7 per cent to US $227.79, with occupancy up 1.5 per cent to 84.6 per cent and a 1.9 per cent increase in average daily rates to US $269.25.

www.morganshotelgroup.com

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