Lender Assumes Control of Las Vegas Hard Rock Hotel
From Las Vegas Review-Journal:
Morgans Hotel Group Out as Manager
Brookfield Asset Management Inc. said Wednesday it had assumed ownership of the financially troubled Hard Rock Hotel in Las Vegas after closing on a settlement agreement with its borrowers. The settlement agreement transfers a joint venture's equity stake in the Hard Rock Hotel to a fund controlled by Brookfield Asset Management. It also ends Morgans Hotel Group Co.'s management agreement for the property that stands along Paradise Road just east of the Strip. Click here for the full story.
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