Las Vegas Hard Rock to Convert to Virgin Hotels Brand
Main Photo: The Hard Rock Hotel & Casino Las Vegas will join Hilton’s Curio Collection in 2020. Photo credit: Hard Rock Hotels
Date: February 2019
Location: Paradise Road, Las Vegas, Nevada, USA
Name: The Virgin Hotel Las Vegas – opening 2020
No. of Keys: 1,500
Seller: A Brookfield-managed private real estate fund.
Owner: The hotel is owned by a group consisting of Virgin Hotels, Juniper Capital Partners, Fengate Real Asset Investments, Dream Hard Asset Alternatives Trust and Cowie Capital Partners.
Fengate is managing its investment on behalf of the Laborers’ International Union of North America’s (LiUNA) Central and Eastern Canada Pension Fund. “LiUNA is pleased with our strong working team behind this strategic investment, and we are very proud that the highly-skilled brothers and sisters of LiUNA will be a part of building this extraordinary new Virgin Hotels in Las Vegas,” said Joseph Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada.
Juniper partnered with Bosworth Hospitality Partners, LLC on this transaction.
Cowie Capital Partners Inc. (CCP) is a private real estate investment firm, founded by brothers Mike and Mark Cowie in 1996, that focuses primarily on commercial real estate investments.
Most recently CCP was involved in the restructure and relaunch of the now St. Regis Residences and Adelaide Hotel in Toronto. In addition they are active partners on a large-scale mixed use development project in Toronto known as East Harbour.
The Hard Rock Hotel & Casino in Las Vegas is set to join Hilton’s Curio Collection and will reopen as the Virgin Hotel Las Vegas in 2020 following renovations to the property.
In collaboration with JC Hospitality and Virgin Hotels, the hotel will be reimagined and will join Hilton’s guest loyalty program, Hilton Honors.
Of the hotels within Hilton’s Collection Brands, the upcoming Virgin will be the only property located in Las Vegas and the largest in the world with more than 1,500 guestrooms and 110,000 square feet of meeting and events space.
“We’re thrilled to announce the signing of a Curio Collection hotel in one of America’s most famed cities along with JC Hospitality and Virgin Hotels,” Mark Nogal, global head, Curio Collection by Hilton, said in a statement. “Virgin Hotels Las Vegas will reflect a new take on what it means to be a Las Vegas hotel and provide guests and locals alike a one-of-a-kind experience.”
The property, located at 4455 Paradise Road, will continue full-service operations as the Hard Rock Hotel and Casino until early 2020, when it closes briefly for the renovations that will transform it into the Virgin Hotels Las Vegas.
“We are looking forward to welcoming Hilton guests who want a premium lifestyle hotel experience in Las Vegas,” Raul Leal, Virgin Hotels’ CEO, said in a statement. “Whether travelling for leisure or in town to attend a conference or convention, Virgin Hotels Las Vegas will be an experience that is dedicated to delivering the best in design, entertainment, heartfelt service and culinary excellence.”
Once the property reopens, guests will have the opportunity to access additional food-and-beverage options, including the Commons Club (Virgin Hotels’ flagship dining and social club concept) and The Shag Room.
Price: Undisclosed
THPT Comment: Great win for Virgin,
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