Morgans Hotel Chairman Jason Taubman Kalisman will likely beat billionaire Ron Burkle and his supporters for a second time, The Post has learned.
Kalisman last year won a proxy battle with Burkle over control of the chic hotel group, which owns the Hudson, Delano and Mondrian brands. Now it looks as though he will hold off a Burkle supporter at the May 14 annual meeting.
Sahm Adrangi’s Kerrisdale Capital has nominated a full slate of directors to replace the current board and pursue a sale of the business. Kerrisdale also supported Burkle during his board battle.
Adrangi, a 32-year-old Iran-born Canadian, is facing “an uphill climb” to win, said a person close to the situation, adding that none of his nominees for the board have relevant experience.
“Our understanding is that some investors do not believe the Kerrisdale slate is strong enough,” MKM Senior Analyst Chris Agnew told The Post. “If that perception does not change, I would think the current board will likely keep their seats.”
Agnew said he believes the lodging business cycle is on an upswing, making him wary of a fire sale approach.
Kalisman, the 34-year-old grandson of real estate developer Alfred Taubman, has suggested he’s open to selling the chain but only after it reduces its debt load.
Morgans released a presentation on Wednesday aimed at persuading investors to re-elect the current board.
In response, Adrangi told TheStreet.com that a potential buyer would be willing to pay $10.10 a share for Morgans, which closed down 1.5 percent, or 11 cents, at $7.33.
Last week, Kerrisdale hired Andrew Zobler, chief executive of the Sydell Group, as an adviser. Sydell also has two joint ventures with Burkle’s Yucaipa Cos., including one to acquire and develop urban lifestyle-oriented hotel properties.
Besides losing the proxy battle last year, Burkle also made a proposal to purchase Morgans for $8 a share that never fully materialized.
Kerrisdale and Burkle did not return calls.