UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
AUGUST 5, 1999
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Date of Report (Date of earliest event reported)
PLANET HOLLYWOOD INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 00028230 59-3283783
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification Number)
8669 COMMODITY CIRCLE
ORLANDO, FLORIDA 32819
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(Address of principal executive office, including zip code)
(407) 363-7827
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(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On August 5, 1999, Planet Hollywood International, Inc., through its
subsidiary corporations (collectively, the "Company"), sold its twenty percent
(20%) equity interest in the joint venture which was formed to develop the
OFFICIAL ALL STAR HOTEL in New York City.
In the fall of 1997, the Company acquired its interest in the joint
venture with Vornado Realty Trust. The joint venture acquired the Hotel
Pennsylvania, a 1,700-room hotel including approximately 400,000 square feet of
rentable retail space, opposite New York City's Madison Square Garden. The hotel
was to be renovated and renamed the OFFICIAL ALL STAR HOTEL. The joint venture
had also entered into a ten-year license agreement with the Company relating to
the use of the OFFICIAL ALL STAR name, logo and certain other intellectual
property rights.
The terms of the sale include the termination of the license agreement
and Vornado Realty Trust paying the Company approximately $18 million in cash.
The book value of the Company's interest in the joint venture at the time of the
sale was approximately $12 million.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 11, 1999 PLANET HOLLYWOOD
INTERNATIONAL, INC.
/s/ SCOTT E. JOHSNON
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Name: Scott E. Johnson
Title: Senior Vice President,
General Counsel and Secretary
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