Bye-bye bunnies: Playboy Club in New York to shut its doors next month
Bye-bye bunnies. Hello, steak.
The iconic Playboy Club at the Cachet Hotel in New York City will close its doors after just two years as early as next month. The owners will convert the venue into a steakhouse and entertainment venue.
Sources told the New York Post that the revamp stems from the club’s owners wanting to appeal to a broader audience and focus less on “scantily clad women” in the #MeToo era.
“It has a huge following but may work better in less sophisticated cities,” one source said. “New Yorkers are too cosmopolitan and aren’t going there for serious business dinners.”
The official project will rebrand the club into the Live Nation Theater at Cachet Hotel, and the owners are hoping to draw in sponsors to host events throughout the year. Cachet management, with Merchants Hospitality and Live Nation inked a 10-year deal on the plan.
The deal is worth nearly $90 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYV | LIVE NATION ENTERTAINMENT INC. | 140.22 | +1.65 | +1.19% |
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“We saw a real opportunity to create the best live music concert venue in a VIP setting,” a Merchant spokesperson told the Post. “Live Nation’s track record building VIP experiences share the same brand ethos as Merchants Hospitality and its portfolio of properties.”
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The club owners plan to offer current staff comparable jobs at the new venue, and existing Playboy Club Members will get VIP access and other perks, like concert tickets and food. They also plan to reimburse member fees for those who don’t wish to be a part of the new club, which can run up to a whopping $100,000 a year.