>Morgans Hotel Retains Search Firm As It Seeks New CEO

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>Morgans Hotel Group Co. (MHGC) is seeking a successor for Chief Executive Fred Kleisner, whose contract expires at year’s end but is willing to remain on board past then if need be.
The luxury hotel operator has retained an executive-search firm to assist its search committee in the process. Chairman David Hamamoto said the company is “considering a number of highly qualified candidates.”
Morgans and an equity partner own the Hard Rock Hotel & Casino in Las Vegas.
Kleisner served as CEO of Wyndham International from March 2000 to March 2005. Prior experience includes senior roles at Starwood Hotels & Resorts Worldwide Inc. (HOT) and a series of other major lodging companies.
Morgans has posted red ink on an annual basis for at least five years. The company’s third-quarter loss was due to write-downs, masking improving operating results at its hotels amid a rebound in the travel sector.

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