Virgin Hotels, the lifestyle hotel brand by Virgin Group founder Sir Richard Branson, in partnership with a group led by Juniper Capital Partners and Fengate Real Asset Investments along with their partners Dream, Cowie Capital Partners, and other private investors, has purchased the Hard Rock Hotel & Casino in Las Vegas.
The sales price was not disclosed.
A private real estate fund managed by Brookfield Asset Management is the seller, which acquired the 1,506-room, 800,000-square-foot property in March 2011 for $207 million.
The partnership has plans to re-conceptualize the property, the Virgin Hotels Las Vegas, with a 2019 opening date. It will include 1,504 rooms and suites, a renovated 60,000-square-foot casino, multiple pools over five acres, restaurants, lounges and bars, including new nightlife venues and the brand’s flagship space, the Commons Club, as well as meeting and convention spaces.
