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Hard Rock Sold To Morgans Hotel Group for 770M

By Chuckmonster on Thursday, 11th May 2006 7:11pm
  » filed under Las Vegas  comments: 0


Fresh off the presses... the Hard Rock has been sold for a song to global hotelier Morgans Hotel Group. Morgans owns and operates the Royalton, Hudson, and Morgans Hotels in NYC, as well as the Delano Hotel in Miami, Mondrian Hotel in Los Angeles. Interestingly, both Delano and Mondrian are to be reproduced as botique additions to Stardust replacement Echelon Place's hotel array. Does this mean Morgans is going to go heads up with their partner Boyd in the Vegas Market? Does this mean Morgans is gonna flip the property in 3 years? Does this mean Morgans is gonna dump the Hard Rock on Boyd when they realize they don't know how to run a casino? The dice are in the air.

Here's the press release:

Peter Morton, chairman and founder of the Hard Rock Hotel & Casino, today announced the sale of the world renowned Las Vegas property to Morgans Hotel Group Co. for $770 million.

The sale includes the 647-room hotel and 30,000-square-foot casino situated on 17 acres at Paradise Road and Harmon Avenue, an adjacent 24 acres and related intellectual property. In all, the property totals 41 acres. Mr. Morton will receive in excess of 95% of the net proceeds from the sale.

The Hard Rock Hotel & Casino is a premiere destination entertainment resort that was built in 1995 and doubled in size in 1999. In addition to the hotel and casino, the property features a beach club with a swimming pool that was selected by the Travel Channel as one of the top 10 pools in the world, the Body English nightclub, "The Joint" concert hall, five restaurants, including the world famous Nobu, and an 8,000-square-foot spa and fitness center.



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