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Morgans acquires Hard Rock Las Vegas for US$770m
Morgans Hotel Group (MHG) is to acquire the Hard Rock Hotel & Casino in Las Vegas for US$770m (£417m, 609m euro).
MHG – owner and operator of boutique hotel brands such as Delano, Mondrian and Hudson – agreed to buy the Hard Rock, an adjacent 23-acre land parcel and other related assets from the property’s founder and chair, Peter Morton.
W. Edward Scheetz, president and CEO of MHG, said: “Since Las Vegas is the largest hotel market in the US, the Hard Rock is key for our growth strategy. This transaction provides us with an immediate and highly visible entry into the market.”
The property has a 647-room, 11-storey hotel tower, a 30,000sq ft (2,800sq m) casino, a beach club with a swimming pool, a nightclub, a concert hall, five restaurants, three cocktail lounges and an 8,000sq ft (740sq m) spa, salon and fitness suite.
It is anticipated that the casino will be leased to a third party operator and MHG is considering bringing one or more joint venture partners to share in the investment.