Morgans Hotel Group’s first-quarter loss narrowed 15% from a year earlier, with the improved performance of its New York properties.
The boutique hotel company has four hotels in New York under the Morgans, Hudson, Mondrian and Royalton brands.
Morgans took a $14.3 million loss, down from $16.9 million a year earlier. The company’s revenue jumped 17% from a year earlier to $7.7 million.
Revenue per available room (RevPAR) at hotels in the northeastern U.S. climbed 22%.
Morgans has been battling with its largest shareholder, OTK Associates, over what OTK says is poor management.
OTK criticized Morgans for agreeing to pursue a share offering and sell its interests in the 194-room Delano Miami and nightclub operator The Light Group to debt holder Yucaipa Cos. in an effort to improve its balance sheet.
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