Hard Rock Hotel Planned for London

The Financial Times is reporting that the Seminole Indian Tribe has signed an exclusive agreement with Exemplar, a real estate developer, to build a Hard Rock Hotel in London.

Per Hard Rock's requirements, the group is hoping to open a hotel of 200-250 rooms in about 160,000 to 200,000 sq ft. Hard Rock wants the hotel to carry five stars.

Hard Rock Cafe is a chain of theme restaurants founded in 1971 by Americans Peter Morton and Isaac Tigrett. In 1995 Morton spent $80 million to open the Hard Rock Hotel off the Las Vegas Strip. A subsequent $100 million expansion nearly doubled the hotel's capacity in 1999.

The Hard Rock was sold in 2006 to the Seminole Tribe of Florida and is based in Orlando. There are currently 149 Hard Rock locations in 53 countries. The Hard Rock is known for its collection of rock and roll memorabilia.

The Times says Hard Rock is hoping to tap into a booming London hotel market, which has seen a number of high end properties opening over the past few months, such as the W London and the St John hotels in Leicester Square.

Industry analysts say London has the highest occupancy and revenue per available room in Europe with tourist numbers still strong in spite of the weak economy.