Hooters Casino Sold

1. The sale of Hooters comes just a month after it was announced that the Tropicana had been sold to Penn National Gaming for a cool $360 Million and being its next door neighbor it will be interesting to see the development plans for both properties over the coming months and years.
2. 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.
3. This property was just purchased by Oyo Hotels & Homes in partnership with Highgate, a hospitality company that will oversee management when it’s reborn under a new name, the Oyo Hotel & Casino Las Vegas. Paragon Gaming will continue to oversee the small, 35,000-square-foot casino.
4. Hooters Casino Sold. Hooters Casino in Las Vegas was sold for $53.8 million, as first reported by the Las Vegas Sun. Trinity Hotel Investments of New York is the buyer. The Las Vegas Sun speculates that the Hooters branding will be removed from the property and replaced by something under the Trinity umbrella, which includes Holiday Inn.

1. Hooters Casino Las Vegas Sold
2. Hooters Casino Hotel Sold
3. Hooters Casino Review

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Hooters Casino Las Vegas Sold

UPDATE SEPT. 17: The sign outside of the former Hooters hotel-casino has been changed. The hotel-casino is now named the Oyo Hotel & Casino.

ORIGINAL STORY
The Hooters hotel-casino on Tropicana Boulevard has been sold.

Hooters Casino Hotel Sold

It was sold to Oyo Hotels & Homes, India's biggest lodging company, and its partner Highgate, a New York-based hotel investment and management company, for $70 million, according to San Diego Union-Tribune.

Oyo says that it will rebrand Hooters as Oyo Hotel and Casino. They plan to spend about $20 million to renovate the hotel, which will remain open during the renovation.

Reports confirm that Hooters Casino in Las Vegas has sold for $70 million to a New York-based hotel company. Michael Parks, a real estate broker with the CBRE Group, said that the 696-room hotel was sold in a quiet deal to Trinity Hotel Investors LLC on May 1st.

Hooters Casino Review

It was initially reported that Hooters Casino’s owner, Canyon Capital Advisors, sold the property for $53.8 million. However, Parks explained to ABC News that this figure doesn’t include personal property, which is what brought the final sale up to $70 million.

The big question now involves what Trinity Hotel Investors will do with Hooters Casino Hotel. So far, there have been no calls returned to the press on the matter. However, Mark Whittle, senior vice president of global development for Hooters of America, did say that the Hooters restaurant “will certainly be part of whatever they do.”

It seems that Canyon Capital may have turned the property for a decent profit because they acquired it in 2012 for $60 million, at a time when it was bankrupt. Now, following the reported $70 million sale, it looks like they’ve made a $10 million profit off the deal.

Not long ago, Hooters Casino’s neighbor, the 1,500-room Tropicana Las Vegas, sold to Penn National Gaming for $360 million. Obviously Hooters didn’t fetch anywhere near this price, however, as mentioned before, it did make the previous owners a nice profit.

The property originally opened as the Hotel San Remo in 1973 and remained under this name for over three decades. In 2006, the original four founders of Hooters bought the hotel casino and renovated it. Unfortunately, their reign at the casino didn’t last long since it went bankrupt six years later; this is when Canyon Capital stepped in and purchased Hooters Casino Hotel for the aforementioned $60 million, thus preserving the property.

Now, with a third sale within the last decade, Trinity Hotel Investors LLC will attempt to carry on the tradition for a casino that’s now been open for 42 years. And given the revitalized Vegas economy, it’s likely that Trinity should be able to do quite well with their latest acquisition.