Under the partnership, Aimbridge Hospitality will manage the repositioning of the 2,510-room Rio Las Vegas into multiple Hyatt full-service brand offerings.
The property will undergo renovation, including the existing public spaces such as gaming, retail, food and beverage, spa and fitness, and pool recreation deck.
Additionally, one of the hotel’s towers will be redeveloped into a new 1,501-room Hyatt Regency hotel. Upon completion, it will feature standard guestrooms averaging 580ft2.
The remaining guestrooms of the Rio Las Vegas will be rebranded or affiliated with other Hyatt full-service brands after renovation.
The Hyatt Regency hotel and other Hyatt-affiliated hotels will have more than 220,000ft2 of function space and advanced meeting facilities.
Dreamscape Companies founder and CEO Eric Birnbaum said: “Aimbridge Hospitality’s capabilities, depth of expertise, and resource-rich support is unrivalled; I couldn’t think of a better team as our hotel operations partner for this venture.
“By pairing their operational expertise with our investment team, we have created a differentiated platform and opportunity to unlock value for our investors. We believe there will be significant opportunity in the near term, and we plan on being active buyers in the hotel sector.”
In November last year, Aimbridge Hospitality announced plans to add another 120 hotels to its portfolio.