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Morgans Hotel Group Partners with Oxford Lodging Advisory, the John Hardy Group
and The Oasi Group to Build a 200 room Mondrian Hotel in
Downtown Palm Springs, California
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NEW YORK-- January 14, 2008 - Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”) today announced a new joint venture with RE:Loft Partners Palm Springs, LLC to develop Palm Springs Hotel & Residences (“the Resort”) in downtown Palm Springs, California. The Resort plans call for a Mondrian hotel with approximately 200 rooms, as well as residences available for sale. The Resort is expected to open in 2010. This new venture is the seventh announced Mondrian, including the renowned, original West Hollywood Mondrian, the new Mondrian Scottsdale, and properties under development in Las Vegas, Miami, Chicago and SoHo. 

Located in the heart of downtown Palm Springs on Amado Road, the Resort will be directly across from the newly renovated Palm Springs Convention Center and a short walk from the main downtown retail promenade. The five-story property sits on 10.5 acres and is expected to include a destination restaurant and bar. The Resort is also expected to boast a spa and fitness center as well as an expansive social pool area with cabanas and outdoor bar access, and a kids club to support leisure family travel as well as residential owners. 

The Resort is also expected to have significant flexible indoor and outdoor meeting and function space, including a large ballroom and a board room. Additional meeting and function facilities would include a movie screening room. Leading architecture firms Gensler and Marta Fry Landscape Architects will oversee the property’s development. 

“Palm Springs is experiencing a dramatic revitalization, and we are pleased to establish our footprint in one of the premier resort destinations in the U.S.,” said Marc Gordon, Chief Investment Officer of MHG. “Our property will set a new precedent for development in downtown Palm Springs, which provides an alternative to the golf resort destinations in the Palm Springs area and to the Las Vegas party scene. We are pleased to be at the cutting edge of the Palm Springs ‘renaissance,’ just as we were with the opening of Delano in South Beach and Mondrian on Sunset Boulevard in Los Angeles.” 

“We see tremendous opportunities in the resurgence of downtown Palm Springs,” said Fred Kleisner, President and Chief Executive Officer of MHG. “With its legendary glamour and energy, we expect this property to attract the hip, diverse clientele that our Mondrian brand is known for. We are excited about our expansion into this vibrant market and look forward to the continued success of the Mondrian brand.” 

Upon completion, MHG is expected to operate the hotel under a ten-year management contract with five-year extension options. 

ABOUT MORGANS HOTEL GROUP 
Morgans Hotel Group Co. (NASDAQ: MHGC), which is widely credited with establishing and developing the rapidly expanding boutique hotel sector, operates and owns, or has an ownership interest in, Morgans, Royalton and Hudson in New York, Delano and The Shore Club in Miami, Mondrian in Los Angeles and Scottsdale, Clift in San Francisco, and Sanderson and St Martins Lane in London. In February 2007, MHG and an equity partner acquired the Hard Rock Hotel & Casino in Las Vegas and related assets. MHG has other property transactions in various stages of completion including projects in Miami Beach, Florida, Chicago, Illinois, SoHo, New York and Las Vegas, Nevada, and continues to vigorously pursue its strategy of developing unique properties at various price points in international gateway cities and select resort destinations. For more information please visit www.morganshotelgroup.com. 

ABOUT RE:LOFT PARTNERS PALM SPRINGS, LLC 
Re:Loft was formed as a joint venture that has, over the past 3 years, put together the entitlement, site planning and deal structure for a 200 room hotel and residential project. The three partners include Oxford Lodging Advisory and Investment Group, the John Hardy Group and The Oasi Group. Oxford Lodging Advisory and Investment Group is an advisory and investment firm focused on the investment, asset management, renovation and development of lodging assets. The firm is currently responsible for a $5B, 15,600 room portfolio of luxury and upscale hotels and conference centers located throughout the United States and Japan. The John Hardy Group is a leader in independent hospitality development that has successfully managed over $5B in hospitality related projects and has completed $1B in development value representing 47 different flags in 29 countries and has a proven track record managing complex development, redevelopment and renovation assignments worldwide. The Oasi Group focuses on the development and acquisition of mixed-used properties and its principals are seasoned veterans in the real-estate and construction industries and have participated in the development and construction of over 3,700 residential single family and multi-family units, several shopping centers and office buildings. 

Statements contained in this press release which are not historical facts are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. 
 

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Contact:

Morgans Hotel Group
Jennifer Foley, 212-277-4166

 

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Also See: Morgans Hotel Group Planning a 200 room Mondrian Hotel in the Gold Coast Region of Chicago / June 2007
Morgans Hotel Group Reinforces Commitment to Innovation through Edgy Design and Nightlife Partnerships / September 2006
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