MORGANS HOTEL GROUP
May 2008

FORWARD-LOOKING STATEMENTS
Certain statements in this presentation and our response to various questions may constitute
“forward-looking statements” as the term is defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by the use of words such as
“expects,” “plans,” “estimates,” “projects,” “intends,” “believes,” “guidance,” and similar
expressions that do not relate to historical matters. Such forward-looking statements are based
on current expectations and involve certain risks and uncertainties. Actual results might differ
materially from those projected in the forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially from those in the forward-
looking statements is contained in the Company’s Annual Report or Form 10-K for the year
ended December 31, 2007 and in other reports filed with the Securities and Exchange
Commission. All forward-looking statements in this presentation and our responses to various
questions are made as of the date hereof, based upon information known to us as of the date
hereof, and we assume no obligations to update or revise any of the forward-looking
statements even if experience or future changes show that indicated results or events will not
be realized.

COMPANY OVERVIEW

COMPANY HIGHLIGHTS
Morgans Hotel Group created and continues to lead the boutique hotel segment
World-renowned hotel, restaurant and bar brands
Well positioned in the luxury segment, the fastest growing segment of the industry
Located in major markets
Significant growth opportunities
Scalable infrastructure
Experienced management team
1

COMPANY OVERVIEW
Leading portfolio of boutique hotel brands and
assets located in major US markets and London
Operates and has ownership interests in 11 hotels
comprising approximately 3,400 hotel rooms
Seven new hotels and one hotel addition under
development comprising approximately 3,350
rooms
Strong pipeline of new hotel opportunities
2

24-YEAR OPERATING HISTORY
Established assets and stable operating team with a proven ability to react to all market
conditions
Growth through acquisitions, renovations and brand extensions
NorthStar Capital Sanderson Mondrian
makes majority London Chicago
Morgans Delano investment in Hudson Shore Club Mondrian
New York Miami Morgans Hotel Group New York Miami SoHo
1984 1995 1997 2000 2002 2007
1988 1996 1999 2001 2006 2008
Royalton Mondrian St Martins Lane Clift Listed on NASDAQ Mondrian
New York Los Angeles London San Francisco Palm Springs
Delano / Mondrian
Development
Las Vegas
Hard Rock Hotel & Casino
Las Vegas
Mondrian
Scottsdale
Mondrian
South Beach
Delano Expansion
Miami
3

MAJOR MARKET FOCUS
Mondrian
New York
San London
Francisco
Chicago
Clift
Los Las Vegas
Angeles
Palm
Springs Scottsdale
Morgans
St Martins Lane
Mondrian
Delano/Mondrian Miami Royalton
Development Sanderson
Mondrian
Mondrian
Delano Shore Club
Hard Rock Hotel & Casino Hudson
Existing Hotels Development Hotels
Delano Expansion Mondrian
- The Gale
Mondrian
4

WORLD-RENOWNED HOTEL BRANDS
Morgans Hotel Group and its distinctive hotel brands offer guests a hip, cutting-edge
experience in the world of hotels as theatre
Our goal is to create an engaging, one-
DELANO of-a-kind customized experience
Energetic, upbeat atmosphere
MONDRIAN Distinctive restaurants
Dynamic bars
HUDSON Ground breaking, modern design
Luxury amenities such as spas and
pools
ROYALTON
Special events and celebrity guests
MORGANS
5

MARQUEE RESTAURANTS AND BARS
Attract both local clientele and hotel guests
Significant profit centers
Well recognized brands that drive hotel night stays and rate
Asia de Cuba Skybar Red Bar
Blue Door Hudson Bar Suka
6

STRONG PERFORMANCE VERSUS ALL OTHER BRANDS (1)
2007 2006 Q1 2008
RevPar RevPAR RevPar RevPAR
Occupancy ADR RevPAR %
$
(%) Growth % $ Growth
Brand ($) ($)
Morgans Hotel Group 266 14.2% 264 (2) 6.6% (2)
Boutique W 240 8.5% 199 3.4%
Ritz Carlton 240 7.5% 246 4.6%
Luxury
Starwood Luxury Collection 212 4.7% 265 3.7%
Upper Marriott 127 6.9% 110 1.6%
Upscale Sheraton 104 6.0% 97 1.8%
Westin 134 6.1% 139 3.6%
Notes
1. Results are for North American system-wide comparable hotels
2. Results exclude the impact of the Super Bowl in Miami in 2007 and Phoenix in 2008
7

OUR CUSTOMERS
Affluent (over 40% with salary between $150K - $300K)
Well-educated (over 80% with at least a college degree)
Between 25 and 55 years old
Adventuresome and seek a unique hotel experience
On average, 55% are business travelers and 45% are leisure travelers
Approximately 30% of room revenues are from corporate negotiated accounts
Main industries: entertainment, fashion and consumer goods, financial services,
technology and advertising
Approximately 32% of guests at comparable U.S. hotels are international travelers
On average, 30% of total revenues within the US and 50% within the UK are
generated by MHG brand loyal customers
Repeat customer ADR is on average $30 higher
8

SPECIAL EVENTS AND CELEBRITY GUESTS
Brand awareness driven through involvement in select high-profile events, public relations
blitzes, and celebrity sightings
Recent high-profile events:
The Academy Awards – Private After Party
ESPN ESPYs After Party and Host Hotel
Host Hotels for Art Basel Miami – Shore Club, Delano
New York City Fashion Week – Designers Dinner
Video Music Awards After Party, also Host Hotel
Grammys – various record label parties
London Fashion Week After Party
MTV European Music Awards press day
9

SCALABLE INFRASTRUCTURE
SALES
Sales force segmented by industry and booking source
Over 100-person team across our hotels
10-person global sales team focused by geography
SERVICE
Customer satisfaction routinely evaluated with favorable results using third-party
consumer research
STATE OF THE ART TECHNOLOGY
MHG employs the best systems available to the hospitality industry
10

GROWTH STRATEGY

BUILT-IN GROWTH
2008 2009 2010 2011
Mondrian South Beach
Seven hotels and one
Delano Expansion (“Gale”)
hotel addition under
New Projects
development Hard Rock Expansion
comprising Mondrian SoHo
approximately 3,350
Mondrian Chicago
rooms
Delano Las Vegas
Announced new hotel
Mondrian Las Vegas
projects are expected
to nearly double Mondrian Palm Springs
existing room count
Mondrian LA
Repositioning
Morgans
Hudson Unused Space
11

GROWING JV MANAGEMENT PLATFORM
Operating performance driven by increasing JV management fee income in addition to
strong hotel EBITDA growth
Operating Opened / Acquired Under
At IPO Since IPO 2006 Development
Occupancy ADR RevPAR
(%) ($) ($)
Sanderson + Hard Rock (1) + Mondrian South Beach
St Martins Lane Hard Rock Expansion
Shore Club Mondrian SoHo
Mondrian Chicago
Delano / Mondrian
Executing on our Growth Strategy Las Vegas (Echelon)
Mondrian Palm Springs
Note
1. Approximately $8 million management fee earned in 2007
12

BRAND EXPANSION STRATEGY
We believe there is a significant opportunity to expand our portfolio of brands in attractive
new markets
We believe our infrastructure, scalable operations and flexible business model provide us
with a significant competitive advantage
Markets at IPO Additions Target Markets
New York New York New York Mexico
Los Angeles Las Vegas Los Angeles Caribbean
Miami Scottsdale Chicago London
San Francisco Miami Boston Milan
London Chicago Washington DC Paris
Palm Springs Atlanta Barcelona
San Diego Rome
Montreal Middle East
Toronto Asia
Hawaii South America
13

HARD ROCK HOTEL & CASINO
EXISTING PROPERTY - 646 Guest Rooms EXPANDED PROPERTY (RENDERING) - 1,520 Guest Rooms
DELANO MONDRIAN
The original boutique casino hotel in Las Vegas
Planned expansion will more than double the size of the hotel and casino and add much needed meeting space – expected
opening in 2009
Other assets include an exclusive, perpetual, royalty-free license to use the “Hard Rock” name in connection with
hotel/casinos in parts of the USA and some international markets, and approximately 15 acres of land with various sale and
JV opportunities
2/3 – 1/3 joint venture with DLJ; DLJ has agreed to fund 100% of the equity for the expansion
MHG management contract: 4% management fee and 1.5% chain services reimbursement cap
RevPAR growth of 9.3% 2007 over 2006, due to MHG-implemented rate increases
We began operating the casino on March 1, 2008. Revenue increased by 9.7% in April 2008 over the prior year.
14

ECHELON DEVELOPMENT
Delano – 550 Guest Rooms; Mondrian – 860 Guest Rooms
DELANO MONDRIAN
Scheduled opening in 2010
Driven by continued reinvention, the development of the Las Vegas Strip has been marked by revolutionary projects -
Echelon is the next major one
Benefits from Boyd’s $4.8BN investment in infrastructure and facilities; Echelon to offer 5,000 rooms, 750,000SF of meeting
and convention space, a 300,000SF retail promenade, a 140,000SF casino and 30 dining and nightlife venues
Boyd broke ground on Echelon in June 2007
50/50 joint venture with Boyd Gaming; MHG contribution of up to $91.5MM in cash for 6.5 acres, or $15MM / acre (property
across the street recently traded for $35MM / acre)
MHG management contract: 4% management fee and 1.5% chain services reimbursement cap
15

REPOSITIONING
COMPLETED
MONDRIAN SCOTTSDALE - Purchased in May 2006
- Room upgrades, new Asia de Cuba restaurant and SkyBar completed in 2007
DELANO - Return on investment of 29% in 2007 on capital spent on the 2006 partial room renovations
- RevPAR growth of 20% in 2007
- Completed room renovations, expanded Agua spa and opened the Florida Room lounge designed by Lenny
Kravitz and Kravitz Design in December 2007
SANDERSON - New restaurant, Suka, opened in March 2007
ST MARTINS LANE - New nightclub, Bungalow 8, opened in September 2007
ROYALTON - Upgrades to rooms, lobby and a new restaurant, Brasserie 44, completed in October 2007
IN PROGRESS
MONDRIAN LA - Upgrades and reconfigurations of rooms – 2007 / 2008
MORGANS - Room upgrades – 2008
HUDSON - 30,000SF of expansion opportunity. Planned event and meeting space
- Opportunity to convert 115 SRO rental rooms into guestrooms
16

POSITIONED IN FAST-GROWING CITIES
Year-Over-Year (2006 – 2007) Year-To-Date (Q1 2007 – Q1 2008)
(1) RevPAR Growth (1)
RevPAR Growth
(%) (%)
20.0 20.0
18.0 18.0
16.0
16.0
14.0 12.8
14.0 13.5
12.0
11.8
12.0 11.3 9.5
10.5 10.0
10.4
10.0 8.0
U.S. U.S.
8.0 7.3 National 6.0
National
Avg. 4.0 Avg.
6.0 5.7 2.4
1.9
4.4 2.0 1.4 1.3
4.0
0.0
2.0
-2.0
-1.6
0.0 -4.0
-4.0
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Note
1. City data is from Smith Travel Research, except for Las Vegas (source: Las Vegas Convention Center)
2. Las Vegas includes hotel and motel data
17

OUTPERFORMING MARKET SEGMENTS
Year-Over-Year (2005 – 2006) Year-Over-Year (Q1 2008 – Q1 2007)
RevPAR Growth (%) RevPAR Growth (%)
20.0 10.0
18.0
8.0
16.0
14.0
6.0
12.0
10.0 4.0 U.S.
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6.0 5.7
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3.8 0.3 0.1
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Notes
1. Statistics include comparable hotels and exclude hotels under renovation and hotels acquired during period
18

FINANCIAL INFORMATION

STRONG REVENUE GROWTH (1)
Occupancy ADR
($) .5% th 6.
3%
(%) Growth Growth th 2
.4% - 1.0 % - 1.0 % Growth
10.7% Gro
w Gr ow
100.0 Growth 3 375.0 358 358 354
80.6 78.5 78.4 349
78.0 77.7 77.8 350.0 333
75.0 323
325.0
50.0
300.0
25.0 275.0
0.0 250.0
Y-O-Y ('06- '07) Q1 ('07 - '08) Q1 ('07 - '08) excl. Y-O-Y ('06- '07) Q1 ('07 - '08) Q1 ('07 - '08) excl.
Super Bowl Super Bowl
RevPAR
.5 % 4%
($) th 1 th 5.
14.5% w Gr ow
G rowth Gro
300 288 278 276
274
275 261
252
250
225
200
175
150
Y-O-Y ('06- '07) Q1 ('07 - '08) Q1 ('07 - '08) excl.
Super Bowl
Note
1. Statistics include comparable hotels and exclude hotels under renovation and hotels acquired during period
19

STRONG FINANCIAL PERFORMANCE
Adjusted EBITDA (1)
($MM)
.5 %
th 29
Gr ow
125.0 110.1
100.0 85.1
75.0
5% .5%
th 1. th 1 2
50.0 2
Gr ow
21.6
Grow
21.3 19.8
25.0 17.6
0.0
Y-O-Y ('06- '07) Q1 ('07 - '08) Q1 ('07 - '08) excl.
renovations
Hotel Operating 33.1% 35.3% 34.9% 35.8%
Margins
Notes
1. EBITDA adjusted for non-operating income/expense, Clift EBITDA and stock compensation expense
20

DEBT PROFILE – March 2008 (1)
Interest rates on all of our debt are effectively fixed through 2010 at a weighted average rate of 5.6%
Raised $143 million in October 2007 through the issuance of 2.375% Senior Subordinated
Convertible Notes due 2014
$225 million revolving credit facility – currently no outstanding borrowings
5-Year Debt Maturity Schedule (2)
$MM
500
450
400 370.0
350
300
250 228.7
200
150
100
50.1
50
0.3 0.0
0
2008 2009 2010 2011 Beyond
2011
Notes
1. Consolidated debt excluding the Clift capitalized lease obligation which terminates in 2103
2. Assumes exercise of extension options
21

DEBT SUMMARY
March 2008 Maturity
Instrument Amount (in millions) Security including Renewals
Mortgage Note $250.0 Hudson 2011
Mortgage Note 120.0 Mondrian LA 2011
Mortgage Note 40.0 Mondrian Scottsdale 2009
410.0
Revolving Credit 0.0 Delano, Royalton, Morgans 2011
Trust Preferred 50.1 2036
Convertible Notes 172.5 2014
Other 16.4 Various
(1)
Adjusted Debt $649.0
Notes
1. Adjusted Debt excludes the capital lease obligation at the Clift.
22

POTENTIAL USES OF CASH
Estimated 2008
Amount (in millions)
Stock Repurchases (completed to date) $19.0
Renovations and Expansions of Owned Assets $50.0
Echelon - Delano / Mondrian $50.0
Other Joint Venture Projects $25.0
Total $144.0
Sources
Cash and Cash Equivalents at 12/31/07 $122.7
Free Cash Flow $30.0
Other
Revolving Credit Facility (No Borrowings Outstanding)
Asset Sales
23

ADJUSTED EBITDA - 2008
Adjusted EBITDA in 2008 is not indicative of a “run-rate”
Adjusted EBITDA guidance for 2008 is $110 million to $115 million
Will reflect approximately $12 million to $15 million of renovation displacement
(Mondrian LA, Morgans, Hard Rock)
No significant impact from Mondrian South Beach
24

CAPITALIZATION SUMMARY
Total Enterprise Value (millions, except per share amount)
Shares Outstanding at May 16, 2008 (1) 33
Market Price Per Share at May 16, 2008 $ 13.78
Market Value of Equity $ 455
Adjusted Net Debt - Consolidated at March 31, 2008 (2) 568
Proportionate Share of Debt of Joint Ventures at March 31, 2008 439
Total Enterprise Value $ 1,462
Less: Investments in Non-EBITDA Producing Assets at March 31, 2008 at Cost 269
Total Enterprise Value Excluding Non-EBITDA Producing Assets $ 1,193
Adjusted EBITDA projected for 2008 $110 - $115
Adjusted EBITDA renovation displacement projected for 2008 $12 - $15
Notes
1. Includes one million membership units in Morgans Group LLC which may be converted into MHG stock.
2. Excludes the Clift lease obligation and is net of cash
25

CONCLUSION

COMPANY HIGHLIGHTS
Morgans Hotel Group created and continues to lead the boutique hotel segment
World-renowned hotel, restaurant and bar brands
Well positioned in the luxury segment, the fastest growing segment of the industry
Located in major markets
Significant growth opportunities
Scalable infrastructure
Experienced management team
26