Morgans Hotel Group Announces Resignation of CEO.Board Member Fred Kleisner Appointed Interim President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The Board of Directors of Morgans Hotel Group The Morgans Hotel Group NASDAQ: MHGC (MHG) is a hospitality company that operates, owns, acquires and redevelops boutique hotels in the United States and Europe. Co. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MHGC MHGC Morgans Hotel Group Co ) ("MHG MHG Mannheim, BW, Germany - Mannheim Airport (IATA airport code) MHG MEF (Marine Expeditionary Force) Headquarters Group MHG Morgans Hotel Group MHG Middle High German MHG Metal Head Gasket ") today announced that W. Edward Scheetz has resigned by mutual agreement with the Company as President and Chief Executive Officer and as a director of the Company in order to permit him to address personal issues. The Company also announced today that Fred J. Kleisner, a director of the Company, has been named as interim President and Chief Executive Officer, effective immediately. The Company has retained Spencer Stuart to assist the Board in its search for a permanent chief executive officer. Mr. Scheetz has agreed to make himself available to assist the Company in the transition following his resignation. "We are extremely fortunate to have someone of Fred's caliber taking over as interim CEO," said David T. Hamamoto, Chairman of Morgans Hotel Group. "Fred has already been the CEO of a publicly traded hotel company, and as a director of MHG, he knows our business strategy and operations well and has a detailed understanding of the Company's strengths and future direction. Over the course of Fred's career, he has accumulated a depth of experience in the hotel and leisure industry as well as substantial expertise in the boutique hotel Boutique hotel is a term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. sector." Mr. Kleisner said, "I look forward to working with the MHG Board and management team as we continue to build on the success of our strategy." Mr. Hamamoto added, "The Board would like to acknowledge the contributions of Ed Scheetz and extends its gratitude for the progress MHG made during his tenure." Mr. Kleisner served as the Chief Executive Officer of Wyndham International from 2000 to 2005. He was also named Chairman of the Board of Directors in October of that year. He previously served as President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of The Americas for Starwood Hotels & Resorts Worldwide, Inc. His more than 40 years of experience in the industry also includes senior positions with Westin Hotels Westin Hotels & Resorts are an upscale hotel chain owned by Starwood Hotels & Resorts Worldwide. As of 2005 Westin operated over 120 hotels in 24 countries. History In 1930, hotel owners Severt W. and Resorts, where he was President and Chief Operating Officer from 1995 to 1998; Interstate Hotels Company, where he was Executive Vice President and Group President of Operations from 1990 to 1995; The Sheraton Corporation, where he was Senior Vice President, Director of Operations, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Division-East from 1985 to 1990; and Hilton Hotels, where for 16 years he served as General Manager of several landmark hotels, including The Waldorf=Astoria and The Waldorf Towers in New York, The Capital Hilton in Washington, D.C. and The Hilton Hawaiian Village The Hilton Hawaiian Village Beach Resort and Spa, formerly the Kaiser Hawaiian Village Hotel, is one of the most popular hotels in Waikiki — based on name recognition and visitor statistics — on the Hawaiian island of O'ahu. in Honolulu. Mr. Scheetz has entered into a separation agreement and release with the Company pursuant to which he will retain his vested and unvested equity awards. No additional payment will be made in connection with the separation. Outlook The Company's operational performance and financial condition remain strong. The Company reaffirms its guidance for the full year 2007, which was provided in its earnings release on August 2, 2007. Conference Call Morgans Hotel Group will conduct a conference call for the investment community today at 9:00 a.m. ET to discuss today's announcement. To participate, please dial (888) 693-3477 (within U.S.) or (973) 582-2710 (outside U.S.) 15 minutes prior to the start of the call and enter conference ID number 9266879. 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 “Miami Beach” redirects here. For the beach in Barbados, see Miami Beach, Barbados.
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