Mr. Gordon formed Rubicon in 2011 after stepping down from his post as president of Morgans Hotel Group Co.

WSJ: Deal of the Week: Airport Hotel Discount

Dreaded by many neighbors because of its out-of-scale height (25 stories) but anxiously-awaited by insatiable luxury-hotel fans, the glimmering glass Mondrian Soho tower opened to the public Tuesday, and I popped in yesterday to see how it measured up both to downtown fears and to other fanciful properties of the Morgans Hotel Group, otherwise known as the original chic-boutique hoteliers.

FORBES: Mondrian Soho Opens

The plan, which is supported by Morgans's board, calls for transferring to Yucaipa the Delano South Beach hotel and the company's Light Group food and beverage subsidiary.

WSJ: The Fight for Hip Hotel Firm