548-room hotel/restaurant complex in the works
NEW YORK — Planet Hollywood Intl. said Monday that it will team with real estate developers to build a 548-room hotel/restaurant complex in Times Square.
The Orlando, Fla.-based company also announced plans for a $250 million offering of seven-year notes. Wall Street reacted indifferently to both announcements; the restaurant’s shares closed unchanged at $10 Monday.
As part of the Times Square plan, Planet Hollywood will relocate its flagship Gotham restaurant from 57th Street to the hotel site at the southwest corner of Broadway and 47th Street.
Planet Hollywood, which counts Arnold Schwarzenegger, Bruce Willis and Demi Moore among its major shareholders, will own 20% of the 339,000-square-foot complex. The other 80% will be held by Times Square Partners, which is controlled and managed by real estate manager Intell Management. In-vestment Co. Madison Equities is a co-developer and partner of the project, which is scheduled for completion in late 1999.
The venture marks the third lodging project by Planet Hollywood. The company is partnering with Aladdin Gaming to build a music-themed hotel and casino in Las Vegas and is renovating the Pennsylvania Hotel in New York to become the Official All-Star Hotel in 1999.
The hotel/restaurant complex will include 16 suites, retail space, a screening room and a health club, and will be designed by Frank Williams & Associates Architects along with Robert Gladstone of Madison Equities.