Morgans Hotel director reports 8.7% ownership interest

By Lisa Kerner

Charlotte, N.C., Feb. 17 - Morgans Hotel Group Co. director W. Edward Scheetz reported an 8.7% stake in the company following a series of buy and sell stock transactions between Jan. 6 and Feb. 11.

The shares were priced between $2.79 and $5.10 each, it was reported in a schedule 13D/A filing with the Securities and Exchange Commission.

According to a prior SEC filing, Scheetz bought and sold a number of Morgans Hotel shares between Nov. 24 and Dec. 12, giving him beneficial ownership of 2,446,510 shares, or 8.2%, of the company's outstanding stock.

Scheetz now beneficially owns 2,583,089 shares of the New York-based hospitality company.

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