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Morgans, DLJ Close on Hard Rock Hotel & Casino

LAS VEGAS-Morgans Hotel Group in May agreed to acquire the 647-room Hard Rock Hotel & Casino here and a neighboring 544-unit apartment complex from Hard Rock founder Peter Morton for $770 million.

By Brian K. Miller | Updated on February 06, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-The $770-million sale of the assets of Hard Rock Hotel Inc. closed this week. New York City-based Morgans Hotel Group agreed in May to acquire the 647-room Hard Rock Hotel & Casino here and a neighboring 544-unit apartment complex from Hard Rock founder Peter Morton. MHG took on DLJ Merchant Banking Partners as a partner in the deal in November.

Per the agreement, DLJMB and affiliates will invest up to $250 million in the joint venture, Hard Rock Holdings, which will own, manage, renovate and develop the various operating assets, land and intellectual property assets of Hard Rock. The acquisition includes the rights to use the “Hard Rock Hotel” and “Hard Rock Casino” trademarks in connection with casinos and hotel/casinos in specified locations, as well as certain other intellectual property such as merchandising and retail rights.

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