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Article: Morgans Hotel Group Announces Equity Partner for Hard Rock Hotel & Casino Acquisition.
- Article from:
- Business Wire
- Article date:
- November 7, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DLJ Merchant Banking Partners Enters Into Agreement to Provide Two-Thirds of Equity to Fund Transaction
NEW YORK -- Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG") today announced that it has entered into a definitive agreement with DLJ Merchant Banking Partners ("DLJMB"), a leading private equity investment affiliate of Credit Suisse, under which DLJMB and MHG will form a joint venture, Hard Rock Holdings, into which DLJMB and affiliates will invest up to $250 million in total equity in connection with the acquisition and development of the Hard Rock Hotel & Casino in Las Vegas and related assets. Following the acquisition of the Hard Rock, the joint venture will ...