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The Plot Thickens: Hard Rock Cancels Billion Dollar Expansion, Courts Suitors

By Chuckmonster on Friday, 24th February 2006 8:54am
  » filed under Las Vegas  comments: 0

   

The planned $1 billion condominium-hotel expansion of the Hard Rock Hotel has been postponed and buyers are being offered a refund on their deposits, Hard Rock owner Peter Morton said Thursday.

The sales center for the Bungalows, Flats and Residences, a 1,200-unit project that was announced last year, is closed and the sales staff has been let go, broker Raymond Ware confirmed.

Morton said he has received offers to buy the Hard Rock. The expansion on 24 acres behind the hotel, now the site of an apartment complex, would be included in that transaction.

Industry experts estimate the Hard Rock to be worth $750 million to $900 million, including the $86 million apartment property.

"While we pursue the possibility of this transaction, we put the project on hold while we go through the process to make a determination of what the buyer wants to do with the 24 acres attached to our property," Morton said.



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