VEGAS - Planet Hollywood Hotel and Casino will open soon
in Las Vegas, boldly changing the landscape of the Las
Vegas Strip. Forty-five days after being named the Stalking
Horse bidder for the Aladdin
Resort and Casino, the Planet Hollywood group has
produced the winning bid to purchase the Aladdin.
joint venture partnership purchasing the property includes
Robert Earl, founder and CEO of Planet Hollywood International,
Inc., Bay Harbour Management LC and Starwood Hotels and
Resorts Worldwide, Inc. The Purchase Agreement for the
2,567-room hotel, 114,000 square feet casino and the 7,000-seat
Theatre of Performing Arts is $635 million and includes
the assumption of debt. New capital investments of $90
million will be used for property renovations and re-theming.
completion of the renovation, the new resort will be known
as the "Planet Hollywood Hotel & Casino,"
a Sheraton Hotel. With a brand new facade on The Strip,
improved entryways, and a completely updated dining and
entertainment strategy, the Planet Hollywood Hotel and
Casino will offer visitors and locals a chance for a real
taste of Hollywood. The Casino floor will be entirely
renovated as well, giving it a more open and inviting
feel all with a distinctly Hollywood theme.
for a Planet Hollywood Hotel and Casino in Las Vegas have
been in the works for years," said Robert Earl. "I
am thrilled that we have been able to put together the
team, and the plan, to make it happen at this incredible
location on The Strip. The time is right, the Planet Hollywood
brand is back on the upswing, and there is no better place
to start our hotel and casino business than here, today,
in Las Vegas."
Joint Venture has appointed Mike Mecca to be its President
and CEO. Mr. Mecca, formerly the General Manager of the
Valley Ranch Casino and Spa, joined the group in May.
"We are delighted to have such a skilled operator
on our team," said Doug Teitelbaum, Principal of
Bay Harbour Management LC. "Mike is exactly what
we were looking for in a Chief Executive." Teitelbaum
also confirmed that the Joint Venture will retain all
existing Aladdin employees.
Hollywood theme will be reflected in the design of new
rooms and suites for the hotel. Drawing from Planet Hollywood's
extensive memorabilia collection, the largest in the world,
the specialty suites will be a completely unique element
of the new design. The top floor of the hotel will be
the celebrity suites floor, reflecting the lives, and
careers of some of our most beloved movie stars. The next
floor down is devoted to the movies; specialty suites
on this floor will be themed with memorabilia from top
grossing films. Plans also call for major headline acts
to rotate through the Theatre for Performing Arts. The
Theatre will also be home to weekly Hollywood-style movie
through its Sheraton brand, will manage the hotel operations
only and will not have responsibility for casino operations.
Starwood will appoint key management to run the hotel
and will bring its famous global reservation system and
award-winning Starwood Preferred Guest program to the
property. The parties also intend for Starwood, through
its Starwood Vacation Ownership division, to develop a
Westin Vacation Resort of up to 600 units on the property.
The purchase will not include the adjoining Desert Passage
Mall, which is owned by Aladdin Bazaar, LLC.
the deal, the Aladdin
Resort & Casino will continue to operate as the
Aladdin for a period of time. During that time, the property
will make a gradual transition into Planet Hollywood Hotel
and Casino, with major renovations to the existing property.
Plans call for a true Hollywood grand opening celebration.