A group of lenders has filed a notice of foreclosure against the struggling Hard Rock Hotel.
The notice means the lending group, NRFC HRH Holdings LLC, has the option to acquire the hotel-casino or sell its interest in the property to the highest bidder in a public auction scheduled for 1 p.m. PST on Monday.
NFRC HRH Holdings controls a piece of the $1.36 billion loan used to acquire and renovate the Hard Rock Hotel at 4455 Paradise Road. A joint venture including Morgans Hotel Group and DLJ Merchant Banking Partners bought the Hard Rock Hotel in 2007.
Messages left with a Hard Rock spokeswoman were not returned. The Hard Rock Hotel was built in 1995 and completed a $750 million renovation and expansion less than a year ago.
Global Gaming & Hospitality LLC with offices in New York and Las Vegas is advising the lenders in the foreclosing proceedings. The company declined to comment on the foreclosure auction.