MHGC » Topics » Management Fee-Related Parties.

This excerpt taken from the MHGC 10-Q filed Aug 10, 2007.
Management Fee—Related Parties.   During the first six months of 2007 and 2006, management fee—related parties was comprised of continuing fee income from our contracts to manage our Joint Venture Hotels. The increase of 105.2% to $9.0 million for the six months ended June 30, 2007 as compared to $4.4 million for the six months ended June 30, 2006 is related to management fees recognized in 2007 for the management of the Hard Rock, which the Company began managing on February 2, 2007.

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This excerpt taken from the MHGC 10-Q filed May 11, 2007.
Management Fee—Related Parties.   During the first three months of 2007 and 2006, management fee—related parties was comprised of fee income from our contracts to manage our Joint Venture Hotels. The increase in management fees during the three months ended March 31, 2007 as compared to the same period in 2006 relates to the inclusion of management fees earned in managing the Hard Rock from February 2, 2007 through March 31, 2007 of $1.3 million and increased management fees earned on the hotels the Company manages in London and Miami Beach, discussed further below.

This excerpt taken from the MHGC 10-K filed Mar 30, 2007.
Management Fee—Related Parties.   During 2005 and 2004, management fee—related parties comprised continuing fee income from our contracts to manage our Joint Venture Hotels. Additionally, from November 2003 until its termination in June 2005, management fee revenue also included fees earned on the management contract with the Gramercy Park Hotel. Management fee—related parties increased 7.3% to $9.5 million in 2005 compared to $8.8 million in 2004, due primarily to the increase in hotel revenues.

This excerpt taken from the MHGC 10-Q filed Nov 9, 2006.
Management Fee—Related Parties.   During the first nine months of 2006 and 2005, management fee—related parties was comprised of continuing fee income from our contracts to manage our Joint Venture Hotels. The decrease of 6.7% to $6.3 million for the nine months ended September 30, 2006 from $6.8 million for the nine months ended September 30, 2005 is related to management fees recognized in 2005 for the management of the Gramercy Park Hotel. This management agreement was terminated in June 2005.

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This excerpt taken from the MHGC 10-Q filed Aug 11, 2006.
Management Fee—Related Parties.   During the three months ended June 30, 2006 and 2005, management fee—related parties was comprised of continuing fee income from our contracts to manage our Joint Venture Hotels. The decline of 6.8% from $2.2 million for the three months ended June 30, 2006 to $2.3 million for the three months ended June 30, 2005 is related to management fees recognized in 2005 for the management of the Gramercy Park Hotel. This management agreement was terminated in June 2005.

This excerpt taken from the MHGC 10-Q filed May 15, 2006.
Management Fee—Related Parties.   During the first three months of 2006 and 2005, management fee—related parties was comprised of continuing fee income from our contracts to manage our Joint Venture Hotels. Revenue at Shore Club declined 3.5% during the three months ended March 31, 2006 as compared to the same three months in 2006. Additionally, until its termination in June 2005, management fee revenue also included fees earned on the management contract with the Gramercy Park Hotel.

This excerpt taken from the MHGC 10-K filed Mar 31, 2006.
Management Fee—Related Parties.   During 2004 and 2003, management fee—related parties comprised continuing fee income from our contracts to manage our Joint Venture Hotels. Additionally, from November 2003 until its termination in June 2005, management fee revenue also included fees earned on the management contract with the Gramercy Park Hotel. Management fee—related parties increased 36.8% to $8.8 million in 2004 compared to $6.5 million in 2003, due primarily to the fees earned from the Gramercy Park Hotel, which were $1.2 million higher in 2004 compared to 2003. We commenced management of this hotel in November 2003, and fees earned in 2003 were minimal. Our management agreement with this hotel terminated in June 2005. Additionally, management fees earned under the contracts with the two London hotels showed strong growth ($0.7 million increase in 2004) as the London market began to recover from its downturn. Management fees earned from Shore Club also showed strong growth ($0.4 million increase in 2001) as Shore Club, which opened in 2001, became more established in the Miami market.

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