India-based hotel chain Oyo Hotels and Homes has signed an agreement to acquire the 657-room Hooters Casino Hotel Las Vegas, the US.
The financial terms of the transaction were not divulged, but a person familiar with the matter told LiveMint that Oyo and US-based real estate investment and hospitality management company Highgate are investing a combined $135m for the property.
Following this acquisition, Hooters Casino Hotel will be now rebranded as Oyo Hotel & Casino Las Vegas.
Currently, the hotel’s 657 rooms are spread across 19 floors. It also features a 35,000ft2 space for casino.
The management of the hotel will be assumed by Highgate, while Paragon Gaming will continue to operate the casino.
OYO Hotels and Homes USA chief operating officer Abhinav Sinha was quoted by the publication as saying: “We believe Las Vegas is an exciting city in which to invest as the market continues to evolve with projects such as the new Las Vegas Raiders NFL stadium and the $1 billion expansion of the Las Vegas Convention Center. As we continue to focus on bringing to life our popular concept of ‘comfort design’ and delivering chic hospitality experiences, we are increasingly exploring new ways to connect with our customers, from millennials, to young executives and families, in every city we enter.”
In June, the Indian hospitality company announced its plan to inject $300m in the US, where it currently has more than 112 Oyo Hotels in over 60 cities across 21 states.
OYO Hotels and Homes Ritesh Agarwal founder and CEO said: “With our newest hotel in Las Vegas, we are excited to cater to a completely different audience segment.”
Set up in 2013, OYO Hotels & Homes’ portfolio includes completely operated real estate comprising over 23,000 hotels and 125,000 vacation homes.