Hot South Beach IPO gets bit of a cold shoulder

02/15/2006 | Miami Herald (free registration), The

South Beach may be a hip and hot destination, but it didn't exactly sizzle on the stock market this week. When Morgans Hotel Group, owner of South Beach's trendy Delano hotel, held an IPO, it debuted at $20 and ended its first day of trading at $19.89, a sign that investors are hesitant to jump into the small portfolio, an analyst said.

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Miami Herald (free registration), The

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