Morgans Hotel Group posts $10M loss for quarter, sees stabilization

08/12/2009 | NYTimes.com

Boutique hotel company Morgans Hotel Group reported a second-quarter loss of $10.1 million, or 34 cents a share, a big increase over the $1.1 million, or 3 cents per share lost in the same quarter a year ago, but a smaller loss than analysts had expected. Revenue per available room declined 39.5%, but the chain said that it is starting to see some stabilization in the market.

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