(CelebrityAccess News Service) – Planet Hollywood Hotel and Casino will open soon in Las Vegas. 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.
The 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.
Upon completion of the renovation, the new resort will be known as the "Planet Hollywood Hotel & Casino," a Sheraton Hotel. The Casino floor will be entirely renovated giving it a more open feel with a distinctly Hollywood theme, as well as new entryways.
"Plans for a Planet Hollywood Hotel and Casino in Las Vegas have been in the works for years," said 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."
The Joint Venture has appointed Mike Mecca to be its president and CEO. Mr. Mecca, formerly the general manager of the Green Valley Ranch Casino and Spa, joined the group in May.
The 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 premieres.
Under 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. –edited by Bob Grossweiner and Jane Cohen