LAS VEGAS — Upscale hotel operator Morgans Hotel Group Co. has agreed to buy the Hard Rock Hotel & Casino in Las Vegas for $770 million in cash from the property's founder and chairman.
The sale of the 647-room hotel and 30,000-square-foot casino on 41 acres near the Las Vegas Strip will net Peter Morton more than $731 million, he said Thursday.
"It was just time to take the chips off the table," Morton said. "I'm looking to do some different things in my life. That was it."
Morton co-founded the Hard Rock brand in 1971, and in 1996 he sold his chain of Hard Rock cafes to London-based Rank Group for $410 million. He opened the hotel-casino in 1995.
Morgans Hotel Group, an owner and manager of luxury boutique hotels, runs the Hudson, Morgans and Royalton in New York and Delano in Miami, among other properties.