Vector Group Buys Remaining 29% Stake In Douglas Elliman Realty

(RTTNews) - Vector Group Ltd. (VGR) announced Monday that that its indirect wholly-owned subsidiary has acquired the remaining 29% interest it did not own of Douglas Elliman Realty, LLC from Douglas Elliman Chief Executive Officer Dorothy "Dottie" Herman.

Herman will continue in her role as Chief Executive Officer of Douglas Elliman.

Vector is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC, which indirectly owns Douglas Elliman Realty, LLC.

Howard Lorber, President and CEO of Vector and Chairman of Douglas Elliman, said, "Dottie and I couldn't have imagined that the venture we embarked on years ago would grow into the largest residential brokerage firm in the New York metropolitan area. Her vision for and dedication to Douglas Elliman have proven invaluable and have helped cement Douglas Elliman as one of the country's premiere brokerages. We are excited about the next phase of Douglas Elliman's growth, and are confident the company is well positioned for the future."