The $2-million Lakewood Hop was funded directly by Copeland--whose Pacific Southwest Equities has built more than 800 homes in California--and by Medley, who said he was looking for a way to invest money from records, concerts and an expected jump in income this summer when the latest Sylvester Stallone movie, "Cobra," is scheduled for release. The movie's title song, "Living on Borrowed Time," is sung by Medley.
Medley and Copeland are negotiating to open at least two more Hops this year--in the city of Industry and Riverside. They also hope to open one in San Diego next year but still are looking for bank financing, Copeland said.
FOR THE RECORD
Los Angeles Times Thursday April 3, 1986 Orange County Edition Business Part 4 Page 2 Column 2 Financial Desk 2 inches; 38 words Type of Material: Correction
Bill Medley and Bobby Hatfield each own a 25% interest in The Hop nightclub in Fountain Valley. Pacific Southwest Equities of Laguna Hills owns the other 50%. A story in Tuesday's edition of The Times incorrectly reported the ownership interests of Medley and Hatfield.
With an eye on growth outside California, Copeland said he expects soon to set up franchise operations in Texas and Oklahoma. "We knew from the first day we opened that we'd eventually be opening a lot of clubs."
The longevity of the '50s craze, however, does have Medley concerned. "I think it's a viable concept for another 20 years," he said, then added, "at least I hope it is." If '50s music fades, he said, the club could eventually switch to a '60s format.
That might not be necessary, according to one music industry critic who thinks that '50s music has staying power. "It was the last innocent time," said Paul Grein, columnist for Billboard magazine. "There's been sustained interest in '50s music since the early '70s. And it's still going strong."
But Wade, the competing nightclub owner, wonders if the Righteous Brothers are spreading themselves too thin. "Wait until they get their second and third club and see if they hang out there, too," he said. "That's what makes the club work."