As the hotel investment market has started heating up, so too has the jockeying for control of two luxury hotel REITs: Morgans Hotel Group Co. and Strategic Hotels & Resorts.
Morgans Hotel Group Co. had been preparing to explore a sale of the company should its board of director nominees get re-elected at last week’s annual meeting. However, this week the firm's senior management is re-evaluating options after stockholders voted out its entire slate of directors and voted in seven new board members.