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Founder
of Hard Rock Hotel & Casino plans a
$1 Billion development
LAS
VEGAS, NV -- Peter Morton, chairman and founder of the Hard
Rock Hotel & Casino, today announced plans to build
a $1 billion, 1.5 million square-foot hotel/condominium project
on the 24 acres adjacent to his Las Vegas Hard Rock Hotel &
Casino.
When combined
with the current Hard
Rock Hotel & Casino, the two properties will cover a
total of 41 acres. Mr. Morton recently acquired the 24-acre
parcel for $86 million.
"This
new project will be unlike anything ever seen in Las Vegas,"
he said. "It is being designed by world-renowned architects
Richard Meier and Michael Palladino of the Richard Meier firm.
It will have elegant, unique finishes both inside and out.
"We
have designed this project to be a mixed-use, master-planned
development," Mr. Morton continued. "Current plans
call for it to be comprised of four buildings and at least 1,500
hotel condominium units. It will include a collection of unique
restaurants and nightclubs, a number of world-class retailers,
a state of the art health club and spa and a variety of other
recreational facilities."
Mr. Morton
said that he is meeting with restaurateurs and retailers from
around the world for this project, which would incorporate the
same excitement and innovative features that have made the Hard
Rock one of Las Vegas' most popular destinations.
"Over
the years, patrons have come up to me and told me how much they
enjoy the Hard Rock experience," he said. "What we
are doing here is giving people a chance to own a little piece
of the Hard Rock. Owners of the new hotel/condominiums will
have complete VIP access to all Hard
Rock facilities. They will have a chance to not only live
the Hard Rock experience, but to own a piece of it, as well.
"When
the Hard Rock Hotel & Casino opened some nine years ago,
I recognized that twenty and thirty-year olds were an untapped
market in Las Vegas," Mr. Morton said. "By creating
an environment that was geared to that market, we have not only
been able to attract this important demographic, but, people
from all age groups who were looking for the same kind of excitement
and experience.
"The
Hard Rock is already known for such renowned restaurants as
Nobu and such sought-after acts as Velvet Revolver, the Rolling
Stones and Norah Jones," he said. "Our new project
will allow us to give our patrons even more."
Mr. Morton
said that preliminary plans call for condominium units to range
in size from studio apartments, to one and two bedroom units
to 6,000 square foot penthouses. He said that poolside Bungalows
and Villas are being planned, as well.
"The
Hard
Rock and the audience and guests it attracts are the trendsetters
in any city," he continued. "Keeping our audience
and guests stimulated, particularly in what has become America's
fastest growing city -- a city that attracts guests from all
over the world -- is a very exciting challenge. I've always
loved that part of what I do."
Construction
is expected to begin on the Hard
Rock's hotel/condominium project next year. The first phase
of the development is expected to be completed approximately
one year from the start of construction.
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