3/6/2008

Billionaire A. Alfred Taubman disclosed a 4.5 million share stake in luxury hotel operator Morgans Hotel Group Co. Taubman's disclosure that he owns 14% of Morgans pushed shares higher. "Overall, we view as positive for Morgans Hotel shares and as an endorsement of underlying asset value by experienced real estate executives," Joshua Attie of Citi Investment Research said in a note.

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