Morgans Hotel Group shareholders have given their blessing to the proposed buyout by SBE.
SBE Entertainment reached agreement in Morgans earlier this year to buy the company for about about $800 million, although a last minute counter bid was received earlier this month from an unknown company known only as ‘Bidder V.’
That competing bid seems to have broken down as shareholders holding a combined 71% of Morgans’ stock approved the sale to SBE.
The deal is expected to close by the end of the year.
Morgans brands include Delano and Mondrian and SBE will own 20 hotels in cities such as Miami Beach, New York, Los Angeles and London.
SBE’s own portfolio includes the SLS brand and dozens of entertainment venues and restaurants.
"This shareholder approval is an important step in completing the merger and we continue to make progress to close this transaction as soon as practicable. We expect that this acquisition will further drive SBE to be the preeminent global lifestyle hospitality brand."
