Hard Rock secures $1.25 billion loan - Monday 17th of October 2005

The Hard Rock Hotel & Casino recently secured $1.25 billion in project financing from Credit Suisse First Boston for its planned expansion on 24 acres at the Northwest corner of Paradise Road and Harmon Avenue in Las Vegas.

Peter Morton, owner of the Hard Rock, expects to break ground later this year on 372 luxury high-rise condos called The Residences, 800 condo-hotel units called The Flats and 36 private beachside villas called The Bungalows.

The Residences will be in three towers with one-, two- and three-bedroom units, and the towers will feature private parking, a valet and a concierge. There will be no central corridors in these buildings, so each unit will have direct elevator access.

The Flats will be two towers with a mixture of fully furnished studios and one-bedroom units. These condo owners have the option of renting their property when they are absent.

The private beachside bungalows will be exclusive single-family villas that wrap around the pool area with their own rooftop pool, terrace, private yard and resident parking.

Plans also entail expanding The Joint, Hard Rocks live concert venue, while adding such world-class restaurants as Mr. Chow from L.A. and a new rooftop Ultra Lounge.

The project is being designed by Miami architect Chad Oppenheim. Negotiations are continuing to find a general contractor.

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