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Seminole Tribe to Buy Hard Rock Chain

Rank Group said Thursday that it will sell its Hard Rock cafe, hotel and casino business to the Seminole tribe of Florida for $965 million.

The Hard Rock business includes 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Casino Hotels, two Hard Rock Live! concert venues, and stakes in three unbranded hotels.

Rank said it would keep the Hard Rock Casino in London but under the Rank Gaming brand.

"We have maximized the value of Hard Rock through this disposal following a thorough strategic review and competitive auction," said Chief Executive Ian Burke said.

The sale, which is subject to shareholder approval, is scheduled to be completed in March.