Hard Rock chain purchases Paramount Hotel for $125m.On behalf of Morgans Hotel Group The Morgans Hotel Group NASDAQ: MHGC (MHG) is a hospitality company that operates, owns, acquires and redevelops boutique hotels in the United States and Europe. , Sonnenblick-Goldman Company has arranged the sale of the 593-room Paramount Hotel Paramount Hotel Many hotels are called the "Paramount", for example:
LLC - Logical Link Control for $126.5 million. The hotel will undergo a multi-million dollar renovation by ownership and, upon completion, be rebranded as the Hard Rock Hotel, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The 593-room Paramount helped define the boutique hotel concept and bring the boutique concept to the forefront of the lodging industry. Featuring an irreplaceable Times Square location, the hotel is in the heart of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and is near numerous commercial and leisure demand generators, such as MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. , Lehman Brothers, Reuters, Ernst & Young, and the Theatre District. Commenting on the transaction, Sonnenblick-Goldman managing director and principal Mark J. Gordon slates, "The sale of the Paramount was the perfect opportunity for Hard Rock Hotels because it enables them to establish a flagship presence in an ideal location in the best city in the world. As such, we were able to orchestrate a preemptive pre·emp·tive or pre-emp·tive adj. 1. Of, relating to, or characteristic of preemption. 2. Having or granted by the right of preemption. 3. a. transaction that resulted in the best possible outcome for both the seller and the buyer." Sonnenblick-Goldman's transaction team for the assignment included Mr. Gordon and Mark K. Owens, senior associate. Morgans Hotel Group, formerly known as Ian Schrager Hotels, is an innovative hotel owner, operator, and developer. The hotels' modern concepts feature high style and luxury with an emphasis on personalized service, exacting standards, and approachable hospitality. Morgans Hotel Group has interests in and manages 10 hotels with approximately 3,000 guestrooms in the coastal gateway cities of New York, Miami, Los Angeles, San Francisco, and London. Lifestar Hotels LLC, the joint venture between Hard Rock Cafe Hard Rock Cafe is a chain of casual dining restaurants. It was founded in 1971 by Isaac Tigrett and Peter Morton, and their first Hard Rock Cafe opened near Hyde Park Corner in London, in a former Rolls Royce car dealerships showroom close to Hyde Park, where in 1979 they began to International and Sol Melia SA, provides hotel owners a unique proposition to access the Hard Rock Hotel brand through long-term management agreements. New York will be the third Hard Rock Hotel to be part of the joint venture since its formation in 2003, the others being in Chicago (which opened earlier this year) and San Diego (which is due to open in 2006). The Hard Rock Hotel New York's location in Times Square will further establish the brand's global presence. Hard Rock Cafe International is one of the most globally-recognized music, entertainment and dining brands, has a network of more than 115 signature Hard Rock Cafes in 44 countries. Hard Rock Cafe International, Inc. is a wholly-owned subsidiary of London-based The Rank Group Plc. |
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