Hard Rock International Announces Global Rights Reacquisition
ORLANDO, Florida, Sept. 30, 2016 /PRNewswire/ -- Hard Rock International has completed the acquisition of casino and hotel-casino rights in the western U.S., as well as in several key international markets, from affiliates of BREF HR, LLC, which own the Hard Rock Hotel and Casino in Las Vegas. Originally separated from the Hard Rock International's portfolio more than three decades ago, the rights acquired in this deal reunite Hard Rock International's global territory for casinos and hotel-casinos, which Hard Rock believes positions the company for unprecedented growth opportunities.
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"This is a historic day for the brand and we could not be prouder to announce this acquisition that we believe ignites the path for further expansion around the globe," said Jim Allen, Hard Rock International's chairman. "With the newly acquired rights the Hard Rock brand has now been united for the first time in more than 35 years under one controlling ownership, the Seminole Tribe of Florida, allowing for globally consistent customer service and standards at all of our locations."
As a result of the transaction, Hard Rock International is now exclusively entitled to develop, own, license, franchise and manage Hard Rock Casinos and Hotel-Casinos in the western U.S., including Minnesota and states west of the Mississippi River, as well as in Australia, Brazil, Israel, Venezuela and Vancouver, British Columbia. BREF HR, LLC affiliates will continue to own and operate the Hard Rock Hotel & Casino Las Vegas.
As part of the contract, Hard Rock International assumed the agreements between BREF HR, LLC and their existing licensees, including Hard Rock Hotel & Casino Lake Tahoe, Nev.; Hard Rock Hotel & Casino Sioux City, Iowa; Hard Rock Hotel & Casino Tulsa, Okla.; and Hard Rock Casino Vancouver.
Hard Rock Hotels & Casinos' growing portfolio consists of 23 hotels and resorts, as well as 160+ Hard Rock Cafes, among other Hard Rock venues in more than 71 countries.
As the purveyor of the world's largest and most iconic music memorabilia collection in the world, Hard Rock International also acquired certain memorabilia, bringing the total to more than 81,000 pieces globally.
Through music appreciation and an imaginative environment, Hard Rock delivers products for the varied aspects of life – work, play and personal sanctuary. For more information or to book a stay at any of the Hard Rock Hotels & Casinos, please visit www.hardrockhotels.com.
Advisors
Barclays acted as financial advisor to Hard Rock International in connection with the transaction, and Greenberg Traurig, P.A. served as legal advisor to Hard Rock International together with Fox Rothschild, LLP as special gaming counsel. BREF HR, LLC received legal advice from Debevoise & Plimpton LLP.
Hard Rock International
With venues in 71 countries, including 168 cafes, 23 hotels and 11 casinos, Hard Rock International (HRI) is one of the most globally recognized companies. Beginning with an Eric Clapton guitar, Hard Rock owns the world's greatest collection of music memorabilia, which is displayed at its locations around the globe. Hard Rock is also known for its collectible fashion and music-related merchandise, Hard Rock Live performance venues and an award-winning website. HRI owns the global trademark for all Hard Rock brands. The company owns, operates and franchises Cafes in iconic cities including London, New York, San Francisco, Sydney and Dubai. HRI also owns, licenses and/or manages hotel/casino properties worldwide. Destinations include the company's two most successful Hotel and Casino properties in Tampa and Hollywood, Fl., both owned and operated by HRI parent company The Seminole Tribe of Florida, as well as other exciting locations including Bali, Chicago, Cancun, Ibiza, Las Vegas, Macau and San Diego. Upcoming new Hard Rock Cafe locations include Reykjavik, Shanghai, Yangon and San Juan. New Hard Rock Hotel projects include Abu Dhabi, Atlanta, Berlin, Dubai, Itapema, London, Los Cabos, New York City, Tenerife, and Shenzhen, Dalian and Haikou in China. For more information on Hard Rock International, visit www.hardrock.com.
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