Hooters Casino Sold
Posted : admin On 7/22/2022- Hooters of America, the breastaurant chain long rumored to be for sale, has been acquired by Nord Bay Capital and TriArtisan Capital Advisors, the parties announced late Monday. Details of the deal were not disclosed. Previous Hooters owners Chanticleer Holdings and H.I.G. Capital will retain stakes in the casual-dining chain.
- Article - Hooters in Four States Sold - Hooters of America, Inc. Announced that its oldest franchisee, R.M.D. Of Louisville, Kentucky has reached an agreement for the sale of its assets to a.
- The Hooters Casino Hotel off Tropicana Avenue near the Las Vegas Strip has been sold for $70 million to Trinity Hotel Investors LLC, a New York-based investment company.The property first opened in 1973 as the Hotel San Remo, and was purchased in 2006 by four original founders of the Hooters restaurant chain.
- OYO Hotel & Casino will take the place of the Hooters hotel-casino, which was just bought out by OYO earlier this month. The deal is for a reported $70 million, which includes 58.8 million dollars for paid real estate. “I am really excited to announce the commencement of the OYO’s operations in our newest city – Las Vegas.
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.
Hooters Casino Hotel, located just off the Las Vegas Strip, has been sold for $70 million, according to a report from the Associated Press. New York-based Trinity Hotel Investors LLC is the buyer.
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.
Hooters Casino Las Vegas Sold
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.
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.
Sad day in Vegas!
Hooters in Las Vegas sold, to be rebranded as OYO Hotel
Hooters Casino Oyo
“We are excited to be here as we believe Las Vegas is an exciting city in which to invest …” said Abhinav Sinha, OYO chief operating officer and partner, in a statement. “With our newest hotel in Las Vegas, we are certain (OYO Hotel & Casino Las Vegas) will become their preferred place to stay and truly enjoy Las Vegas in the coming months.”
The deal, according to the release, was proposed by Highgate, which will assume management of the hotel while Las Vegas-based Paragon Gaming will continue to operate the property’s 35,000-square-foot casino. The transition will begin next month.
Terms of the deal were not disclosed.
“We’ve had great success managing the Hooters casino and look forward to continuing on as the casino manager and partnering with Highgate to introduce OYO’s brand in Las Vegas,” said Diana Bennett, Paragon’s chairwoman and co-founder.
In June, OYO announced a plan to invest $300 million in the U.S. It currently has more than 100 hotels in 21 states. The company says it’s the third-largest chain of hotels, homes and workspaces.
Entrepreneur Ritesh Agarwal started OYO as a teenager in 2013.