Fengate partners with Virgin Hotels and Juniper Capital Partners to acquire the Hard Rock Hotel & Casino in Las Vegas
On March 30, 2018, Virgin Hotels, in partnership with a group led by Fengate Capital Management and Juniper Capital Partners along with their partners Dream, Cowie Capital Partners, and other private investors, announced the purchase of the Hard Rock Hotel & Casino in Las Vegas from a private real estate fund.
The partnership plans to open a reconceptualized and revitalized property, the Virgin Hotels Las Vegas, in late fall of 2019, which will feature 1504 well-appointed Chambers, Grand Chamber Suites and Penthouse Suites; a 60,000 square foot, 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 property, located at 4455 Paradise Road, will continue full service operations under the Hard Rock flag until it opens as a Virgin Hotels hotel.
Fengate is managing its investment on behalf of the Laborers' International Union of North America's (LiUNA) Central and Eastern Canada Pension Fund.
Virgin Hotels is a lifestyle hospitality brand that combines heartfelt service, straightforward value and a seamless, personalized hotel experience with the track record of innovation and smart disruption that Sir Richard Branson's global Virgin Group has pioneered for over 40 years.
Juniper Capital Partners is an investment firm with a predisposition towards distressed or out-of-favor assets with attractive valuations.
Fengate is a leading investment firm specializing in real assets, with a focus on infrastructure, private equity and real estate.
Further information can be found on Fengate's website, as well as on prnewswire.com.