Hard Rock Hotel Las Vegas unveils new real estate plans this week for expansions and renovations totaling $750 million that will double the Hard Rock real estate. Some of the expansion of the Las Vegas hotel will include new convention space, additional hotel rooms and a larger concert area.
Construction moves quick in Las Vegas and that is exactly what is happening at the Hard Rock. Restaurants and 640 rooms will start renovations immediately along with October expansion to finish mid 2009.
A joint venture partnership between private equity investor DLJ Merchant Bank and hotel operator Morgans Hotel Group finished the real estate transaction of the $770 million commercial real estate buy of the 16.7 acre Hard Rock Las Vegas and the neighbor Paradise Bay Club apartments on 23 acres of land.
The Las Vegas hotel expansion will showcase an additional tower with 550 rooms including a VIP tower that will hold 400 suites.
The Paradise Bay Club real estate will become Hard Rock Las Vegas guest and employee parking in addition to an area for the expansion construction.
The Joint at Hard Rock, a concert venue, will be enlarged and the hotel facing Paradise Road will become a 60,000 square feet of meeting and convention space.
The future Joint will accommodate about more people than the current 2,000 person capacity.
The real estate in Las Vegas, Nevada expansion is slated for new restaurants and bars, new health club and spa, pool expansion, and 30,000 square feet of retail space.
Peter Morton announced $1.2 billion expansion plans in 2005 but then decided to sell the trademark and property to Morgans.
The Hard Rock Hotel renovation project announced this week includes 1,200 condo hotel unit Bungalows, Residences and Flats for 8 acres of the neighboring land.
The Las Vegas hotel expansion is another multi billion dollar real estate development in Las Vegas real estate including Echelon Place Las Vegas a $4.4 billion mega resort.
Boyd Gaming and 50 percent joint venture partners Morgans will develop two luxury hotels in Echelon Place and Echelon Resort including the Mondrian Las Vegas and Delano Las Vegas. Source: LV Review Journal
Hard Rock Hotel Las Vegas unveils $750 million real estate expansion.