Peter Morton agreed to sell the iconic Hard Rock Hotel & Casino in Las Vegas to Morgans Hotel Group Co. for $770 million. Morton co-founded the Hard Rock brand with Isaac Tigrett in 1971.

"It was just time to take the chips off the table," Morton said. "I'm looking to do some different things in my life. That was it."

The sale included the 647-room hotel, the 30,000-square-foot casino and the invaluable collection of pop memorabilia that consists of instruments, outfits, pictures, posters and personal items of famous artists and bands. Jimi Hendrix’s floral print jacket and his flying V guitar were not sold because Morton’s two sons wanted the items.

Edward Scheetz, President and CEO of Morgans, said they were pleased to be able to acquire a property that has so much expansion potential. "Since Las Vegas is the largest hotel market in the U.S., it is key for our growth strategy”, he added.

The deal didn’t include the Hard Rock’s Pink Taco Mexican restaurant brand either. Harry, Morton’s oldest son, plans to take the restaurants to Los Angeles, California and Arizona.