New York, N.Y.: a joint venture between Hard Rock Cafe International and Sol Melia Hotels

Hotel & Motel Management, August, 2004

A joint venture between Hard Rock Cafe International and Sol Melia Hotels and Resorts called Lifestar Hotels LLC entered into a series of agreements with Becker Ventures LLC to develop and manage New York's Paramount Hotel. Becker recently acquired the hotel from Morgans Hotel Group for $126.5 million.

The 593-room hotel will undergo a multimillion-dollar refurbishment beginning in 2005 and will be rebranded the Hard Rock Hotel New York. Until the refurbishment is complete, the hotel, which is located near Times Square on 46th Street between Broadway and Eighth Avenue, will continue to operate as the Paramount Hotel. The New York hotel will be the third Hard Rock Hotel to be part of the joint venture since its formation in 2003 (a Chicago hotel opened earlier this year and a San Diego property is scheduled to open in 2006). Sonnenblick-Goldman Co. arranged the sale of the hotel on behalf of Morgans.