Planet Hollywood International, Inc. is a theme restaurant inspired by the popular portrayal of Hollywood and was launched in New York on October 22, 1991, with the backing of Hollywood stars Sylvester Stallone, Bruce Willis, Demi Moore, and Arnold Schwarzenegger. Further celebrity endorsement included actress Whoopi Goldberg, actor Don Johnson and his then-wife Melanie Griffith, the late director John Hughes, comedienne Roseanne Barr, and actors Tom Arnold, Wesley Snipes, and Danny Glover.
History
Planet Hollywood was the brainchild of Bryan Kestner, a former actor and development executive at Taft-Barish at the time of Planet Hollywood's conception. In the mid-80s, Kestner came to Keith Barish with the idea of a restaurant modeled after Hard Rock entitled Hollyrock where diners could come and listen to rock music and see Hollywood memorabilia. Although Kestner received a fee and shares in the company, Keith Barish, financier, real estate developer and film producer (Sophie's Choice, The Fugitive, Running Man, Nine ½ weeks, Monster Squad)[1] and Robert Earl, former President and CEO of Hard Rock Cafe took this idea and developed Planet Hollywood, modeled after the Hard Rock formula. Earl recruited many former Hard Rock veterans to open new PH stores. Movie star "owners" received stock options at rock bottom price in exchange for their endorsement, thus they could be billed as legal owners.
In 1994, Planet Hollywood founded the Official All Star Cafe sports-themed restaurant chain. In April 1996, Planet Hollywood went public. The company's share price reached all-time high of $32 on the first day of trading and went down to less than $1 by 1999. The company has gone bankrupt twice. Nearly 100 locations have closed worldwide, leaving about 8 currently open.
In 1997, Planet Hollywood entered a joint partnership with AMC Theaters to establish and develop Planet Movies by AMC. In 1998, Planet Hollywood entered the ice-cream business when it launched Cool Planet. The business was scrapped later that year. Schwarzenegger severed his financial ties with the business in early 2000. Schwarzenegger said the company had not had the success he had hoped for, claiming he wanted to focus his attention on "new U.S. and global business ventures" and his movie career.
Marvel Mania opened on February 18, 1998 near Universal Studios Hollywood with Marvel being a co-owner with Universal Studios Hollywood and Planet Hollywood. However, Planet Hollywood had financial problems due to expanding too quickly and had to close it.
Planet Hollywood Resort and Casino in Las Vegas had its grand opening the weekend of November 16, 2007, in the remodeled Aladdin Hotel & Casino. Planet Hollywood partnered with Westgate Resorts on the new PH Towers A Westgate Resort, connected to the existing resort, which opened on January 1, 2010. The 52-story luxury vacation ownership and condominium tower included over 1,200 1-4 bedroom units and a four story penthouse of 28 luxury condominiums from 4,000 to 10,000 square feet (370 to 930 m2). The building is a key subject in the documentary film The Queen of Versailles.
The resort and casino were sold in 2010 to Caesars Entertainment, and the separate Towers project was sold to Centerbridge Partners' Resort Finance Associates in 2011.
In September 2008 Buca, Inc., the owner of the Buca di beppo national restaurant chain, was acquired by Planet Hollywood International Inc.
Restaurant locations
United States
- Las Vegas, The Forum Shops at Caesars, Nevada (Opened July 1994)
- Myrtle Beach, Broadway at the Beach, South Carolina (Opened November 1996)
- New York, Times Square, New York (Relocated November 2000)
- Orlando, Downtown Disney, Florida (Opened October 1994)
International
- Disneyland Paris, Disney Village, France (Opened July 1996)
- London, Haymarket, England (Relocated June 2009)
- Niagara Falls, Falls Avenue, Canada (Opened April 1999)
Resort locations
United States
- Las Vegas, Las Vegas Strip, Nevada (Opened April 2007)
International
- Goa, Utorda Beach, India (Opened October 2014)
Merchandise stores
United States
- Las Vegas, The Forum Shops at Caesars, Nevada (Opened July 1994)
- Myrtle Beach, Broadway at the Beach, South Carolina (Opened November 1996)
- New York, Times Square, New York (Relocated November 2000)
- Orlando, Downtown Disney, Florida (Opened October 1994)
- Orlando, Disney's Hollywood Studios, Florida (Opened July 1997)
International
- London, Haymarket, England (Relocated June 2009)
- Niagara Falls, Falls Avenue, Canada (Opened April 1999)
- Disneyland Paris, Disney Village, France (Opened July 1996)
Former locations
United States
International
ArraySee also
Theme restaurants
- Bubba Gump Shrimp Company
- Buca di Beppo
- Rainforest Cafe
- T-Rex Cafe
Former theme restaurants
- Official All Star Cafe
- Fashion Cafe
References
ArrayExternal links
- Corporate home page
Interesting Informations
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