planned towers. The Hard Rock celebrated its 10th anniversary on April 30, 2005, with concerts by Nine Inch Nails and Bon Jovi. Various celebrity guests were also in attendance at the resort for its anniversary. The late celebration was timed to coincide with the opening weekend of the Wynn resort on the Las Vegas Strip. During the weekend celebration, Morton unveiled further details about the proposed residential expansion, which was unanimously approved by the county in May 2005. By October 2005, the Hard Rock had secured a $1.25 billion loan from Credit Suisse First Boston for the intended expansion. The project was expected to begin construction later in the year and would consist of three elements: The Residences, a luxury condominium property with 372 units spread across three high-rise towers; The Flats, an 800-room condo hotel; and The Bungalows, consisting of 36 private beachside villas. By the end of 2005, the proposed residential project had reached $800 million in advance sales. Morton announced the postponement of the residential project on February 23, 2006, stating that he had received offers to sell the Hard Rock to new owners. The sale would include the 23 acres intended for the expansion, which Morton delayed as it was unclear what the new buyers would want to do with the property. In addition, Morton's prospective partner had pulled out of the residential project, which was ultimately cancelled. Construction had been expected to begin in 2006, with completion in 2008. Morton's sudden announcement of the sale was unexpected for many of the resort's employees. MGM Mirage considered purchasing the resort and the Hard Rock Cafe. The Rank Group, which owned the Hard Rock Cafe chain, also considered purchasing the Hard Rock Hotel. Morgans/DLJ ownership On May 11, 2006, Morton announced that he would sell the Hard Rock and the 23 acres to Morgans Hotel Group for $770 million. Morton believed it was the right time to sell, saying he was pleased with the offer price and that, "I just sort of felt there came a point in my life where I wanted to do more with my life and re-evaluate things. I want to do some different things." As part of the deal, Morgans retained the rights to use the "Hard Rock" name for hotels and casinos in the Western United States and certain other territories. Morgans planned to raise the resort's hotel room rates to