X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Hard Rock International is relocating its cafés into new locations, opening new ones and closing a handful of units, the company reveals in its mid-year earnings report. After what executives consider a successful move in New York City, where its space was moved from West 57th Street to Times Square last year, they are considering other cities for such a transition.

The next café to follow suit will be the Boston location, which will move from Copley Square to near the entrance of the General Growth Properties-owned Faneuil Hall Marketplace. The company, whose operations are locally based, is now looking worldwide for relocation opportunities.

International cafés to open by the end of the year include the first in Mumbai; Narita, Japan; Warsaw, Poland; Margarita Island, Venezuela and Ochos Rios, Jamaica. Hard Rock recently closed its Austin, TX; and Bristol Bar, United Kingdom locations.

Same-store café sales for the first half of the year rose 8.2% year over year. Revenues were up at its 68 company-owned cafés rose from $205.3 million to $216.8 million a year ago, and operating profit increased from $23.4 million to $24.8 million.

At the company’s 54 franchised units, royalties and fees soared 48.1% to $7.7 million, and operating profit jumped 58.5%, to $6.5 million. The increase was attributed to fees from Hard Rock Music Park in Myrtle Beach, SC, which is under construction and set to open in 2008.

At the company’s eight hotel-casino concepts, revenue jumped from $14.5 million to $16.3 million and operating profit increased from $11.8 million to $14 million. Hard Rock International is owned by the London-based Rank Group.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.