It's a Hard Rock life for American tribe
Hotels - 07/12/2006 16:43:59
A Native American tribe has successfully acquired the Hard Rock franchise for $965 million (£490 million).
Rank, the UK-based owners of the Hard Rock chain, has said that it wanted to sell the majority of the franchise so that it could concentrate on its own gambling businesses.
The Seminole tribe will now take over 124 Hard Rock cafes and six hotels situated around the world.
Ian Burke, the group's chief executive, said: "Today's announcement sets a clear strategic course for Rank as a focused gaming business.
"We have maximised the value of Hard Rock through this disposal following a thorough strategic review and competitive auction."
The Seminole tribe has 10,000 members and already operates hotels and cafes under the Hard Rock banner.
According to reports, the acquisition of Hard Rock by the Seminole tribe represents a major coup as it is the first time that an international company has been taken over by a Native American tribe.
Rank has also confirmed that £350 million of the amount paid for Hard Rock would go straight back to shareholders.
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