Morgans Hotel founder Schrager getting payday in IPO - MarketWatch: "Morgans Hotel Group founder Ian Schrager will receive about $9 million in stock through an entity he controls as well as money for a jet, a full-time car driver and other perks as the boutique hotel chain goes public on Valentine's Day.
MHGC0.00, 0.00, 0.0%) plans to offer 18 million shares at $19 to $21 per share in a bid to raise $360 million, with underwriter Morgan Stanley.
Schrager, who became a big name in the 1970s as co-owner of storied disco Studio 54, founded Morgans Hotel in 1983 with his first hotel, Morgans, in New York City.
Most of the IPO proceeds will go toward paying down debt, which totaled about $446 million on Sept. 30. For the nine months ending Sept. 30, the hotel chain reported a net loss of $29 million and revenue of $190.2 million. "
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