Morgans Hotel Group director continues to build stake

By Lisa Kerner

Charlotte, N.C., March 4 - Morgans Hotel Group Co. director W. Edward Scheetz purchased 302,593 additional shares of the company's stock, raising his ownership interest to 12.4% from 11.4%.

The shares were acquired between Feb. 26 and March 3 at prices from $2.00 to $2.60 each, according to a schedule 13D/A filing with the Securities and Exchange Commission.

Between Feb. 17 and Feb. 25, Scheetz bought 806,028 shares priced between $1.60 and $2.50 each, a prior SEC filing said.

Scheetz now beneficially owns 3,686,710 shares of the New York-based hospitality company.

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