Morgans Hotel Group Co. (Nasdaq: MHGC), the operator of properties including the Mondrian in Los Angeles and Royalton in New York, said it agreed to be purchased by Sam Nazarian’s SBE for $2.25 a share in cash.

The per-share price is 69 percent more than Morgans’ May 5 closing price, Morgans said in a statement Monday. With the assumption of debt and transfer of capitalized leases, the total enterprise value of the deal is about $794 million, Morgans said.

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