OTK reports 14% stake in Morgans Hotel

By Lisa Kerner

Charlotte, N.C., March 4 - Morgans Hotel Group Co. investors OTK Associates, LLC said they may meet with the company's board of directors, senior management, shareholders and third parties to discuss Morgans Hotel's strategic direction.

OTK purchased 4.5 million shares of Morgans Hotel's stock for an initial 14% stake in the New York-based hospitality company.

The shares were acquired between Jan. 22 and March 3 priced from $12.37 to $15.65 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

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