A group of lenders has filed a notice of foreclosure against the financially struggling Hard Rock Hotel, which would give the lenders the right to take control of the hotel-casino in a public auction scheduled for Feb. 7.
The lending group, NRFC HRH Holdings LLC, controls a piece of the $1.36 billion loan used to acquire, renovate and expand the Hard Rock. A joint venture including Morgans Hotel Group and investment banking firm DLJ Merchant Banking Partners bought the Hard Rock in 2007 with the goal of revamping the property and boosting profit by catering to well-heeled guests.
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