LAS VEGAS -- The genie's lamp at the Aladdin Hotel and Casino here
soon will be replaced by Planet Hollywood's signature blue globe.
The OpBiz group, a joint venture partnership that includes
Robert Earl, founder and chief executive officer of Planet
Hollywood International; Bay Harbour Management; and Starwood
Hotels and Resorts Worldwide, bought the Aladdin for $635
The purchase agreement for the 2,567-room hotel,
114,000-square-foot casino and 7,000-seat Aladdin Theatre includes
the assumption of debt as well as new capital investments of $90
million that will be used to improve the property and give it a new
The new resort will be named the Planet Hollywood Hotel &
Casino, a Sheraton Hotel.
Planned improvements include a new facade on the Strip, improved
entryways and a renovated casino floor.
The property's new Hollywood theme will be evident in the design
of new rooms and suites -- especially the hotel's top floor, which
will house suites dedicated to specific movie stars. The next floor
down will feature memorabilia from top-grossing films.
Plans also call for major headline acts to rotate through the
Theatre for Performing Arts, which will also host weekly
Hollywood-style movie premieres.
Starwood, through its Sheraton brand, will manage the hotel
operations, and the casino will be operated by an as-yet-unnamed
Through its Starwood Vacation Ownership, the company also will
develop a Westin Vacation Resort of up to 600 units on the
The purchase agreement does not include the adjoining Desert
Passage mall, which is owned by Aladdin Bazaar.