Virgin Hotels, in partnership with a group led by Juniper Capital Partners and Fengate Real Asset Investments and their partners, Dream, Cowie Capital Partners, and other private investors, has purchased the Hard Rock Hotel & Casino Las Vegas.
The property, which is located just off the Las Vegas Strip at 4455 Paradise Road, will remain open while it undergoes a major revamp. The reconceptualized and revitalized Virgin Hotels Las Vegas is slated to debut in late fall 2019.
“Las Vegas has long held a special place in my heart,” said Sir Richard Branson, founder of the Virgin Group. “Virgin Atlantic and Virgin America have enjoyed flying to Las Vegas for years and I’ve always known that Virgin Hotels could thrive there as well. I’m really looking forward to painting the town Virgin red.”
“Our partnership is extremely proud to be investing in the Las Vegas market with an amazing brand like Virgin Hotels,” said partner and new property CEO Richard “Boz” Bosworth. “We couldn’t be more passionate about the project and this partnership, and look forward to the exciting journey ahead.”
“Las Vegas is a dynamic city—the people, the excitement, the entertainment. To me, it’s always been the perfect city for our next Virgin Hotel,” said Virgin Hotels CEO Raul Leal. “We are dedicated to delivering the best in design, entertainment, heartfelt service and culinary excellence and we can’t wait to welcome visitors to what is sue to be an awe-inspiring Las Vegas experience.”
Fengate is managing its investment on behalf of the Laborers’ International Union of North America’s (LiUNA) Central and Eastern Canada Pension Fund. “LiUNA is pleased with our strong working team behind this strategic investment, and we are very proud that the highly-skilled brothers and sisters of LiUNA will be part of building this extraordinary new Virgin Hotels in Las Vegas,” said Joseph Mancinelli, LiUNA International vice-president and regional manager for Central and Eastern Canada.
When it opens Virgin Hotels Las Vegas will feature 1,504 “Chambers,” “Grand Chamber Suites” and Penthouse Suites; a 60-000-square-foot casino, fully-renovated casino; multiple pools over five acres; world-class restaurants, lounges and bars, including new nightlife venues and the brand’s flagship space, the Commons Club, as well as numerous meeting and convention spaces. The renovation is expected to cost in the hundreds of millions. The final product will showcase Virgin’s signature sleek, stylish design.
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