Hard Rock Las Vegas Sells for $770 Million Cash
The founder and Chairman of Hard Rock Hotel & Casino Las Vegas said the Morgans Hotel Group Co. has agreed to buy the Las Vegas hotel for $770 million in cash this past Thursday. The casino consisted of 647-room hotel and 30,000 square-foot casino on 41 acres near the Las Vegas Strip. The Las Vegas real estate value is ever growing.
The Morgans Hotel Group, an owner and manager of luxury boutique hotels that went public in February, operates the Delano in Miami, Morgan, Hudson and Royalton in New York among other luxury hotel properties.
The Hard Rock Hotel & Casino opened in Las Vegas in 1995.
In January, Morgans announced it would partner with Boyd Gaming Corporation to build two boutique hotels, one being Echelon Place, on Boyd’s casino complex on the Strip, with 1,600 rooms. Scheduled completion date is 2010.
There were no immediate plans for a proposed $1 billion condominium project that had been planned next to the Hard Rock Hotel Las Vegas. The condo project stopped sales and offered refunds for some of the 1,350 units at the project in February. Some Las Vegas condo projects finish and many do not.
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