Leading Proxy Advisory Firms ISS and Glass Lewis Both Reject Entirety of Morgans Hotel Group’s Slate of Nominees and Definitively Recommend Vote for Change on OTK’s Gold Card

NEW YORK--(BUSINESS WIRE)--OTK Associates, LLC (“OTK”), the largest shareholder of Morgans Hotel Group Co. (“Morgans”) (Nasdaq: MHGC) with 13.9% of the outstanding common stock of the company, today announced that two leading proxy advisory services, Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis & Co., LLC (“Glass Lewis”) have both decisively advised Morgans’ stockholders to vote the GOLD proxy card. In separate reports issued on June 4, 2013, ISS recommends stockholders vote “FOR” Jason Kalisman, Mahmood Khimji and Jonathan Langer, while Glass Lewis recommends stockholders vote “FOR” John Dougherty, Jason Kalisman and Mahmood Khimji, for election to Morgans’ board of directors at the company’s upcoming annual meeting of stockholders on June 14, 2013. ISS and Glass Lewis were equally as decisive in recommending a “Do Not Vote” for each and every member of management’s slate.