Sol Melia Hotels & Resorts in joint venture to develop Hard Rock Hotels in Americas and Europe

Sol Meliá Hotels & Resorts, together with Hard Rock brand owner Rank Group, have entered an exclusive joint venture to develop Hard Rock hotels in the Americas and Europe (this does not affect the Hard Rock Hotels in Asia). Under the agreement, Sol Meliá Hotels & Resorts will be responsible for the management, marketing and distribution of the new properties, while Hard Rock Hotels will take charge of the concept, design and brand development of affiliated hotels, as well as the addition of further properties.

The first Hard Rock hotel to be managed by the joint venture is the 381-room Hard Rock Hotel Chicago, scheduled to open late this year. This will be Sol Meliá Hotels & Resorts' first property in the United States, a country in which the group aims to increase its presence, with the planned addition of Hard Rock Hotels in cities such as New York. In line with this joint venture, Sol  Meliá Hotels & Resorts will strengthen its sales and distribution network in the US market, adding to the widespread penetration it has already achieved in Latin America and the Caribbean.

The joint venture is supported financially by Becker Ventures LLC, a leading private investor of real estate projects in the United States. As co-owner of the Hard Rock Hotel Chicago, Becker has agreed to provide funds of up to  US$1 billion to finance the development of future projects, planned for destinations such as New York, Madrid and Barcelona.

This joint venture with the Rank Group forms part of Sol Meliá Hotels & Resorts' development strategy based around alliances with major companies in the leisure and entertainment business.