https://www.reviewjournal.com/busin...will-become-oyo-hotel-casino-by-2020-1832955/
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Hooters hotel-casino, located one block from the Las Vegas Strip, is seen in Las Vegas. (Jae C. Hong/AP)
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., at the renovated pool area at Hooters Hotel, Thursday, April 5, 2018. (K.M. Cannon Las Vegas *************** @KMCannonPhoto)
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., in one of the refurbished rooms at Hooters Hotel Thursday, April 5, 2018. (K.M. Cannon Las Vegas *************** @KMCannonPhoto)
Steak 'n Shake inside Hooters Hotel on opening day Thursday, April 5, 2018. The restaurant, just inside the main entrance, is touted as the largest Steak 'n Shake in the world. (K.M. Cannon Las Vegas *************** @KMCannonPhoto)
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By Bailey Schulz Las Vegas ***************
August 23, 2019 - 8:39 am
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Updated August 23, 2019 - 9:27 am
Hooters Hotel has been sold to an India-based hotel company.
The property will be become OYO Hotel & Casino Las Vegas, with the transformation set to be completed by the end of the year, according to a Friday news release. Work will begin in the middle of September.
Brent Pirosch, director of gaming consulting for CBRE’s Global Gaming Group, said he believes now is a good time to enter the Southern Nevada market.
“The Las Vegas market is strong and doing well,” he said. “I think now is a perfectly good time to enter and see what they can make of the property.” <iframe src="https://www.google.com/maps/embed?pb=!1m14!1m8!1m3!1d6447.455671774991!2d-115.167705!3d36.100122!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x0%3A0xb0a4318600822139!2sHooters+Casino+Hotel!5e0!3m2!1sen!2sus!4v1566582520452!5m2!1sen!2sus" width="300" height="300" frameborder="0" allowfullscreen="" class="rj-lazy-load lazy-iframe rj-lazy-load--handled" data-lazy-loaded="1" style="box-sizing: inherit; border-width: 0px; float: right;"></iframe>
About OYO
The hotel, located on East Tropicana Avenue about 1,000 feet from Las Vegas Boulevard, was purchased from Junius Real Estate Partners and Trinity Hotel Investors LLC by OYO and Highgate in partnership. Terms were not announced.
Highgate will assume overall management of the property while Las Vegas-based Paragon Gaming will continue to manage the casino.
OYO will partner with Highgate to “create its first key flagship property in Las Vegas,” the release states.
The company began operations in 2013 and claims to be the fastest-growing hotel chain in the world. It has more than 112 hotels in more than 21 states. According to its website, it is the sixth largest chain of operated hotels, homes, managed living and workspaces.
OYO was founded by CEO Ritesh Agarwal at the age of 17. According to the company website, he scaled the company from five cities at the end of 2014 to 200 the next year.
Chief Operating Officer and partner Abhinav Sinha said the company is excited to be in Las Vegas.
“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.”
He said the renovation will “come up with some of the most loved amenities and experiences that are sure to please Las Vegas visitors from around the world.”
History of Hooters
Private equity investor George Ruff bought Hooters for $70 million in 2015.
The 19-story property has 657 rooms and a 30,000-square-foot casino. It is located on East Tropicana Road opposite the MGM Grand, about 1,000 feet from Las Vegas Boulevard.
Ruff hired Paragon Gaming to manage the casino floor, which features 370 slots, 22 table games and a William Hill sports book.
According to a *************** story in April 2018, private equity investors such as Ruff have been selling off their Las Vegas properties to larger players over the last few years as valuations have climbed. The STRAT, SLS Las Vegas, The Drew Las Vegas (formerly the Fontainebleau) and Hard Rock Hotel have all been scooped up over the past few years.
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Board OKs veteran gaming exec Satre for licensing as Wynn director
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By Bailey Schulz Las Vegas ***************
August 23, 2019 - 8:39 am
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Updated August 23, 2019 - 9:27 am
Hooters Hotel has been sold to an India-based hotel company.
The property will be become OYO Hotel & Casino Las Vegas, with the transformation set to be completed by the end of the year, according to a Friday news release. Work will begin in the middle of September.
Brent Pirosch, director of gaming consulting for CBRE’s Global Gaming Group, said he believes now is a good time to enter the Southern Nevada market.
“The Las Vegas market is strong and doing well,” he said. “I think now is a perfectly good time to enter and see what they can make of the property.” <iframe src="https://www.google.com/maps/embed?pb=!1m14!1m8!1m3!1d6447.455671774991!2d-115.167705!3d36.100122!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x0%3A0xb0a4318600822139!2sHooters+Casino+Hotel!5e0!3m2!1sen!2sus!4v1566582520452!5m2!1sen!2sus" width="300" height="300" frameborder="0" allowfullscreen="" class="rj-lazy-load lazy-iframe rj-lazy-load--handled" data-lazy-loaded="1" style="box-sizing: inherit; border-width: 0px; float: right;"></iframe>
About OYO
The hotel, located on East Tropicana Avenue about 1,000 feet from Las Vegas Boulevard, was purchased from Junius Real Estate Partners and Trinity Hotel Investors LLC by OYO and Highgate in partnership. Terms were not announced.
Highgate will assume overall management of the property while Las Vegas-based Paragon Gaming will continue to manage the casino.
OYO will partner with Highgate to “create its first key flagship property in Las Vegas,” the release states.
The company began operations in 2013 and claims to be the fastest-growing hotel chain in the world. It has more than 112 hotels in more than 21 states. According to its website, it is the sixth largest chain of operated hotels, homes, managed living and workspaces.
OYO was founded by CEO Ritesh Agarwal at the age of 17. According to the company website, he scaled the company from five cities at the end of 2014 to 200 the next year.
Chief Operating Officer and partner Abhinav Sinha said the company is excited to be in Las Vegas.
“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.”
He said the renovation will “come up with some of the most loved amenities and experiences that are sure to please Las Vegas visitors from around the world.”
History of Hooters
Private equity investor George Ruff bought Hooters for $70 million in 2015.
The 19-story property has 657 rooms and a 30,000-square-foot casino. It is located on East Tropicana Road opposite the MGM Grand, about 1,000 feet from Las Vegas Boulevard.
Ruff hired Paragon Gaming to manage the casino floor, which features 370 slots, 22 table games and a William Hill sports book.
According to a *************** story in April 2018, private equity investors such as Ruff have been selling off their Las Vegas properties to larger players over the last few years as valuations have climbed. The STRAT, SLS Las Vegas, The Drew Las Vegas (formerly the Fontainebleau) and Hard Rock Hotel have all been scooped up over the past few years.
