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Brookfield sells Hard Rock Hotel & Casino in Las Vegas

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Brookfield sells Hard Rock Hotel & Casino in Las Vegas

The Hard Rock Hotel & Casino at 4455 Paradise Rd. in Las Vegas changed hands for an undisclosed sum in a deal that closed March 30.

Commercial real estate company Brookfield Property Partners LP said in a March filing that it owned the asset and had listed it as held for sale as of Dec. 31, 2017.

According to a March 30 release, a Brookfield-managed private real estate fund sold the property to a partnership between lifestyle hospitality brand Virgin Hotels and a consortium led by Juniper Capital Partners and Fengate Real Asset Investments, along with their partners Dream Hard Asset Alternatives Trust, Cowie Capital Partners Inc. and other private investors.

The group plans to make certain renovations at the property that will cost "hundreds of millions" of dollars and aims to rebrand it as Virgin Hotels Las Vegas, with opening slated for late fall of 2019.

The hotel will offer 1,504 chambers, grand chamber suites and penthouse suites; a 60,000-square-foot casino; and meeting and convention spaces, among other amenities.