Hard Rock Las Vegas hotel continues construction while others abandon. Morgans Hotel Group, boutique hotel operator, forges ahead with the $760 million hotel casino expansion.
Update: 2/06/09 Hard Rock hotel South tower has been topped off.
They’ve told investors that financing has been secured and ready for continued success. During these trying economic times the Hard Rock is showing its strength in the hotel business.
Real estate investors learned this week that room occupancy was hovering around 94.3 percent for the second quarter. The average daily hotel room rate was $217.34, a decline of 5.5 percent. Year to date revenue was a 5.6 percent decrease.
Travelers to Las Vegas, Nevada were greeted with an average daily room rate of $200.94, a 8.9 percent decline at Hard Rock. The lower rates brought in a slight increase of guests to 94.2 percent, slight 3.3 percent increase.
This news calls to questions the current $1 billion joint venture agreement for Morgans to develop the Mondrian and Delano hotels within the Echelon project.