Planet Hollywood

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Planet Hollywood
Type Privately held company
Industry Theme restaurant
Founded October 22, 1991 in New York (USA)
Headquarters Orlando, Florida
Key people Robert Earl, Founder
Bryan Kestner, Sylvester Stallone, Arnold Schwarzenegger, Bruce Willis, Demi Moore and Baron Montague of Oxford, financial backers
Website planethollywood.com

Planet Hollywood, a theme restaurant inspired by the popular portrayal of Hollywood, was launched in New York on October 22, 1991, with the backing of Hollywood stars Sylvester Stallone, Bruce Willis, Demi Moore, and Arnold Schwarzenegger.

History[edit]

Planet Hollywood Niagara Falls, Ontario

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.[1] 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.[2] Although Kestner received a fee and shares in the company,[3] 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.[4] Nearly 100 stores have closed worldwide, leaving about 8 Planet Hollywood restaurants 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.[5] 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.[5]

Marvel Mania Restaurant opened on February 18, 1998 near Universal Studios, California with Marvel being a co-owner with Universal Studios Hollywood[6] and Planet Hollywood. However, Planet Hollywood had financial problems due to expanding too quickly and had to close Marvel Mania.[7]

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.

Restaurant locations[edit]

Planet Hollywood at Broadway at the Beach in Myrtle Beach
Planet Hollywood at Downtown Disney in Orlando

United States[edit]

International[edit]

Merchandise stores[edit]

United States[edit]

International[edit]

Proposed Locations[edit]

[1]

International[edit]

Former locations[edit]

United States[edit]

International[edit]

See also[edit]

Theme restaurants[edit]

Former theme restaurants[edit]

References[edit]

  1. ^ Friend, Tad. "Waiter, There's a Bankable Star in my Soup." Esquire. September 1991. https://www.byliner.com/tad-friend/stories/waiter-there-s-a-bankable-star-in-my-soup
  2. ^ Handelman, David. "Soon to Be a Major Gimme-Cap-and-Sweatshirt-Dispensing Restaurant," Spy, September 1991
  3. ^ Masters, Kim. "Disaster Amid the Stars." Vanity Fair. March 2000. http://connection.ebscohost.com/c/articles/2853014/disaster-amid-stars
  4. ^ Richard Silkos (2007-09-24). "Savor Those Curly Fries: Planet Hollywood Is Back (Again)". The New York Times. Retrieved 2009-08-16. 
  5. ^ a b "Arnold leaves planet". schwarzenegger.com. 2000-01-25. Retrieved 2007-04-20. 
  6. ^ Zoltak, James (March 2, 1998). "Spiderman And The Hulk Add Punch To Opening Of Marvel Mania Eatery". Amusement Business (BPI Communications Inc.). Retrieved 2011-03-18. 
  7. ^ Rhoades, Shirrel. Comic books: how the industry works. New York, NY: Peter Lang Publishing. p. 204. 
  8. ^ "FBI joins Planet Hollywood inquiry". BBC News. 1998-08-26. Retrieved 2007-12-12. 

External links[edit]