Boston, MA 06/05/2013 (wallstreetpr) – The share prices of Morgans Hotel Gorup Co. (NASDAQ:MHGC) had surged by 12.89 percent to close at $7.53 per share for the end of last trading session on Tuesday. The shares of the company had been trading in the range of $7.34 to $7.88 per share during the day. With the recent surge in prices on Tuesday, Morgans Hotel Gorup Co. (NASDAQ:MHGC) had adjusted its 52 week high price level to $7.88 per share, while the 52 week low price level of the company is at $3.73 per share.
Morgans Hotel Gorup Co. (NASDAQ:MHGC) is involved in the operation, acquisition and development of boutique hotels primarily in the gateway cities and select resort places of the United States, Europe and other major international locations. The fully integrated lifestyle hospitality company provides for night clubs, bars, restaurants, and other food and beverage facilities in all its hotel operations in various locations.
The slate of board nominees of Morgans Hotel Gorup Co. (NASDAQ:MHGC) upon reelection at the Annual Shareholders meeting are now in serious consideration of the strategic alternatives for the future development of the hotel group which also include a prospective sale of the company. The shares of the hospitality firm had been surging to new peaks with heavy trading volumes in the recent days.
Morgans Hotel Gorup Co. (NASDAQ:MHGC) had witnessed a trading volume of 4.07 million shares on Tuesday, while the average trading volume of the company is at 310,132 shares per day. The hotel group presently holds 32.49 million shares outstanding in the market with an institutional ownership of 48 percent.