Morgans Hotel Group Co. is a lifestyle hospitality company that operates, owns, acquires, develops and redevelops boutique hotels, primarily in gateway cities and select resort markets in the United States, Europe and other international locations. The Company operates through Morgans Group LLC and its operating company. Morgans Group holds substantially all of the Company’s assets and holds approximately 99.8% of its membership units, excluding long-term incentive plan units. The Company manages all aspects of Morgans Group, including the operation, development, sale and purchase of, and investments in, hotels primarily through subsidiaries, including its management company, Morgans Hotel Group Management LLC, and certain non-United States management company affiliates. There are approximately 75,446 remaining membership units in Morgans Group, other than LTIP Units, which are owned by Residual Hotel Interest, LLC.