Boutique hotel operator Morgans Hotel Group priced its offering of 18 million shares at $20, the mid-point of its proposed $19-$21 range. Morgans was founded in 1983 by Ian Schrager, who decided to go into the hospitality business after his infamous Studio 54 nightclub in New York City went bust. Morgan Stanley and Merrill Lynch were joint book-running managers for the IPO, and the stock is expected to commence trading on the NASDAQ under the ticker symbol "MHGC on Tuesday.
