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Morgans Wants Out of the Hard Rock Las Vegas

Where: 4455 Paradise Rd [map], Las Vegas, NV, United States, 33139

More bummer-ish hotel industry news for you today: because of the economy, Morgans Hotel Group "plans to reduce its ownership stake" in the Hard Rock Las Vegas in response to major first-quarter losses and tanking revenues.

The hotel group, which currently co-owns and manages the Hard Rock LV, is trying to "reduce exposure in Las Vegas." Er, we assume that means "stop the bleeding." Per the Las Vegas Sun:

The company said it expects to cut its ownership in the Hard Rock to 14 percent by the end of 2009. It had about a 20 percent stake at the beginning of this year. [...]

Morgans' Hard Rock brand was hit hard like the rest of the company's properties. Hotel room occupancy for the Hard Rock fell from 94 percent in the 2008 quarter to 89.3 percent in the 2009 period, while revenue per available room slid from $173.34 to $120.55.

This announcement comes right smack in the middle of the property's major revamp; Joint, the concert venue, just re-opened after a total overhaul, and the hotel's north tower is still, apparently, on schedule to open this summer while the casino renovation and south tower will supposedly open in late 2009 or early next year.