The local real estate market is giving Morgans Hotel Group a rough way to go. Just last February Morgans went public with $20 a share, now their stock has taken a hit to $14.50 a share. The real estate company has taken a hit because of its recent business transactions which shook up and left its investors baffled.

Recently the Morgans Hotel Group purchased the Hard Rock Hotel in Las Vegas. The purchase of the Hotel has forced the company to take more than just a hit for their shares holders, but also caused the company to take a loss of $30 million in the last year.

Things are not completely bleak for Morgans. Analysts of the Las Vegas market expect to see a 16 cent increase in their shares this quarter.

# posted by Las Vegas Homes Agent @ 11:41 PM

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Tough Market?