Morgans Hotel Group has announced that Michael D. Malone has been appointed to its Board of Directors, effective immediately. Mr. Malone recently retired from Bank of America as Senior Executive Banker and Managing Director. For nearly 24 years at Bank of America, Mr. Malone worked in investment banking across a number of sectors including real estate, lodging, leisure and gaming.
“We are pleased to welcome Michael to our Board of Directors,” said David T. Hamamoto, Chairman of MHG. “His financial expertise and relevant background, particularly in lodging and leisure, will make him a great addition to the Board and a real asset to MHG. We also look forward to benefiting from Michael’s gaming experience as we prepare to assume management of casino operations at the Hard Rock Hotel & Casino in Las Vegas.”
“It’s an honor to join the Board of Directors of MHG,” said Mr. Malone. “I look forward to working with the Board and management team to continue the Company’s growth and profitability.”
MHG also announced that Lance Armstrong, currently a director on MHG’s Board, is resigning to devote additional time to the Lance Armstrong Foundation.
“On behalf of the entire Board, I’d like to thank Lance for his contributions to MHG over the past two years,” continued Mr. Hamamoto. “Lance is a remarkable person and we are grateful for his service to the Company. We wish him the very best in his future endeavors.”