Thursday, Peter Morton revealed the planned $1 billion condo-hotel expansion of the Hard Rock Hotel has been postponed. Buyers are being offered a refund on their deposits.
The sales center closed and all sales staff have been let go for the Bungalows, Flats and Residences.
Morton said he has received offers to buy the Hard Rock. The expansion on 24 acres behind the hotel, now the site of an apartment complex, would be included in that transaction.
Industry experts estimate the Hard Rock to be worth $750 million to $900 million, including the $86 million apartment property.
The project, designed by architect Chad Oppenheim of Miami with Las Vegas-based Marnell Corrao as the general contractor, was supposed to break ground in August.
This project seems on the fringe but what if the Hard Rock dosent sell?Will the projet move forward?
Stay Tuned!
Olivia
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