Hard Rock Hotel granted loan extension


The Hard Rock Hotel announced Monday it has been granted an extension until 2014 on maturity dates for $1.1 billion in commercial mortgage-backed securities.

New York-based hotelier Morgans Hotel Group, the property’s minority owner and manager, announced the extension as the resort opened a new tower and expanded casino.

The loan, which is secured by the hotel-casino, was scheduled to mature Feb. 9 with two one-year extensions.

The loan included $620 million in construction loans that helped pay for the $750 million expansion

The 374-room HRH tower anchors new amenities which include the 25,000-square-foot Reliquary Spa, a new parking garage with a porte-cochere and 40,000 square feet of new casino space.

A new nightclub, the 14,000-square-foot Vanity, opens New Year’s Eve.

The 450-room Paradise Tower, convention space and a new, expanded concert venue, The Joint, opened earlier this year. A pool expansion is scheduled to open this summer.

A second loan secured by 11 acres of unused land next to the Hard Rock Hotel was also extended to February 2014. The $50 million loan matured Aug. 9 and was in default before the new agreement.

Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.

 

Comment section guidelines

The below comment section contains thoughts and opinions from users that in no way represent the views of the Las Vegas Review-Journal or GateHouse Media. This public platform is intended to provide a forum for users of reviewjournal.com to share ideas, express thoughtful opinions and carry the conversation beyond the article. Users must follow the guidelines under our Commenting Policy and are encouraged to use the moderation tools to help maintain civility and keep discussions on topic.