Morgans Hotel Group Q2 Loss Narrows - Quick Facts

(RTTNews) - Morgans Hotel Group Co. (MHGC) said that its second-quarter of 2014 net loss attributable to common stockholders narrowed to $13.71 million or $0.40 per share from $19.03 million or $0.59 per share in the year ago quarter.

Net loss attributable to the company narrowed to $9.7 million from last year's $16.0 million, primarily due to improved operating results and margins and decreased corporate expenses.

Adjusted EBITDA for the second quarter of 2014 was $14.8 million, a 17.7% increase over the same period in 2013. Excluding a termination fee related to Ames in Boston of $0.9 million, which was recorded in the second quarter of 2013, Adjusted EBITDA increased 26.7% in the second quarter of 2014 over the same period in 2013.

The Company's Owned Hotels generated strong operating results during the second quarter of 2014 as compared to the same period in 2013, led by 36.8% increase in EBITDA at Delano South Beach.

Revenue per available room or RevPAR at System-Wide Comparable Hotels, all of which are located in the United States, increased by 6.4% in the second quarter of 2014 from the comparable period in 2013, driven by a 3.4% increase in occupancy and 2.9% increase in average daily rate ("ADR").

Total hotel revenues grew to $55.59 million from $52.86 million last year. Total revenues were $61.45 million, up from $60.71 million in the prior year.