Hard Rock and Sol Melia Agree to Exit Joint Venture
ORLANDO, FL, August 3, 2006. Hard Rock International today announced that Hard Rock and the Spanish hotel company Sol Melia have agreed to a mutual termination of their 2003 strategic alliance for the joint development of hotels under the Hard Rock brand. This joint decision reflects the new brand strategies for both companies.
Hard Rock International today announced that Hard Rock and the Spanish hotel company Sol Melia have agreed to a mutual termination of their 2003 strategic alliance for the joint development of hotels under the Hard Rock brand. This joint decision reflects the new brand strategies for both companies.
Hard Rock International commented that over the last year, the strategic focus was revised to reacquire and reassemble cafe, hotel and gaming intellectual property and operational rights in order to address and improve brand oversight and development. Following the recent re-acquisition of rights in both Australia and the Middle East, this transaction with Sol Melia will help Hard Rock International further this objective while developing closer operational ties with partners.
Sol Melia commented that it will continue developing lifestyle hotel products and concepts, with projects including the introduction of new branding and experienced-based hotels. In addition to the Paradisus and Melia brand, Sol Melia will introduce a new, vibrant concept in prime city and resort destinations, starting with Madrid, Barcelona, Cancun and Los Cabos in Mexico. The Reina Victoria hotel in Madrid, currently under refurbishment, will contribute the design experience of the new generation of Sol Melia's properties.
Both companies commented that during the term of the joint venture a prolific exchange of experiences has been developed that will be used by both to drive their businesses going forward.
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