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Next: a Planet Holly. hotel
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September 25, 1997: 1:35 p.m. ET
Theme restaurant chain in venture to buy New York's Hotel Pennsylvania
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NEW YORK (CNNfn) - First it was the New York Stock Exchange, and now Planet Hollywood has extended its reach to another part of the Big Apple.
The theme restaurant chain, which earlier this week moved its stock listing (PHL) from the Nasdaq to the NYSE, said Thursday it has formed a joint venture to buy New York City's Hotel Pennsylvania for about $159 million.
The hotel includes about 795,000 square feet on Manhattan's West Side opposite Madison Square Garden.
Planet Hollywood International will team up with Vornado Realty Trust and Singapore's Hotel Properties Ltd. to acquire the property.
The Hotel Pennsylvania will be refurbished as part of Planet Hollywood's plan to create a sports-themed hotel and entertainment complex at that location.
The complex will fall under the company's Official All Star banner. Planet Hollywood already operates sports-themed restaurants under that name.
-- Randy Schultz
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