Leadership Changes at Morgans Hotel Group

NEW YORK—Jason T. Kalisman has resigned as interim CEO of Morgans Hotel Group Co., effective immediately, to spend more time on personal matters. Howard M. Lorber, veteran real estate investor and member of the Morgans board, has been named chairman. The board intends to continue its CEO search and Richard Szymanski, CFO, will temporarily assume the duties of the principal executive officer for securities law reporting purposes.

“On behalf of the entire board, I want to thank Jason for his past contributions and for his continuation as a director of the company,” commented Lorber. “Going forward, we will continue to build on our operational momentum and complete the strategic alternatives process in a timely manner.”

“After careful consideration and discussions with the board, I have decided it is in the best interests of the company to resign from my position as interim CEO to attend to personal obligations,” said Kalisman, who will remain a member of the board. “I am incredibly proud of what we achieved during my time as CEO at Morgans, and did not want my obligations to inhibit the strategic review process or slow the strong momentum our team has worked so hard to build over the past two years. With the annual meeting and first-quarter earnings behind us and other key developments underway, I am certain that now is the right time to make this transition in order for them to complete the process and determine the best path forward for the company.”