Yet another Las Vegas hotel-casino is changing hands.
LAS VEGAS The Hooters hotel-casino off the Las Vegas Strip has been sold to an Indian hotel company and will be rebranded as the OYO Hotel and Casino. The Las Vegas Review-Journal reports the. The Hooters resort off the Las Vegas Strip has been sold to India-based hospitality company OYO. The 657-room resort will be rebranded as OYO Hotel & Casino Las Vegas before the end of the year.
Riviera was recently sold to the Las Vegas Convention and Visitors Authority, and closed May 4, 2015. Tropicana is going to Penn National Gaming by the end of 2015.
Now, the entirely unremarkable Hooters Casino Hotel has been purchased by a company called Trinity Hotel Investors for $53.8 million.
The sale happened under the radar on May 1, 2015, a mere day after employees were informed of the purchase. Way to keep it classy, owner persons.
Hooters Casino Hotel has 696 rooms, exactly none of which you’d stay in unless you lost a bet.
We first saw word of the sale on the excellent Stiffs and Georges blog, and it was later confirmed by the Las Vegas Sun.
Compared to other recent sales, Hooters was had for a song. Riviera sold for $182.5 million. The Trop cost $360 million. Hooters was so inexpensive at $53.8 million, it’s believed Vegas mogul Steve Wynn has roughly that amount of cash in his pocket right this very minute.
The new owners of Hooters are expected to rebrand it. Rumors are Holiday Inn will take over operation of the resort, but not under that name.
Hooters Casino Hotel, previously the San Remo, has been a financial cluster for some time now. In fact, several times, it’s nearly gone bust. Because you know damn well we weren’t going to do an entire story about Hooters without a “bust” joke.
Hooters Casino Sold 2019
New ownership is a glimmer of hope for the only casino in Las Vegas known to have given this blog alcohol poisoning with its policy of swapping out a call liquor for some blasphemous, generic crap without informing us it was doing so. Asshats.
While for years we’ve been hoping Hooters would burn to the ground after a lightning strike, we’re cautiously optimistic a new owner could make something of the joint.
Hooters opened as a Howard Johnson Hotel. Then is was the Paradise, the Polynesian Paradise and Treasure Hotel before becoming Hotel San Remo and eventually Hooters. Sign-makers love the place.
The stated “singular purpose” of Trinity Hotel Investors is “investing in and enhancing the value of hotel real estate.” They also tout their acumen at “identifying investment opportunities with strong risk-return profiles.”
So, yeah, we’re not holding our breath about the whole “making something of the joint.”
LAS VEGAS (AP) — A real estate broker representing the owners of the Hooters Casino Hotel said the property near the Las Vegas Strip has sold for about $70 million to a New York-based hotel investment company.
Michael Parks with CBRE Group in Las Vegas confirmed Monday the 696-room casino-hotel off Tropicana Avenue was sold May 1 to Trinity Hotel Investors LLC. The sale follows Penn National Gaming’s deal to buy the nearly 1,500-room Tropicana Las Vegas next door for $360 million.
Parks said he represented the seller, Canyon Capital Advisors.
The deed recorded with the Clark County assessor’s office says the purchase price for the hotel was $53.8 million. But Parks said that figure didn’t include personal property, bringing the total paid closer to $70 million.
It isn’t clear what Trinity Hotel Investors plans to do with the property. Calls and emails Monday to the firm’s chief investment officer were not returned.
The Hooters restaurant inside “will certainly be part of whatever they do,” said Mark Whittle, senior vice president of global development for Hooters of America, which grants franchise agreements and licensing arrangements for restaurants in the United States.
Canyon Capital Advisors has owned the casino-hotel since 2012, when it offered $60 million to take over the bankrupt business at the time.
Hooters Casino Review
The property that opened as the Hotel San Remo in 1973 became an homage to the famed restaurant chain’s chicken wings and its waitresses in 2006 when four original founders of Hooters bought and renovated it.