India’s biggest hospitality company purchased a near-strip hotel casino.
The Hooters resort, located just off the south end of the Las Vegas Strip, was purchased Monday and will be rebranded as OYO Hotel & Casino Las Vegas by year’s end. OYO is India’s largest hotel company and third largest in the world, behind Marriott and Hilton, in terms of the worldwide number of rooms.
According to a Las Vegas Sun report, OYO announced in June that they were going to invest $300 million into expanding operations in the U.S. The company already had 112 hotels in more than 60 American cities states before its latest expansion into Las Vegas.
“We are excited to be here as we believe Las Vegas is an exciting city in which to invest,” said OYO COO Abhinav Sinha 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.”
CNN is reporting that while OYO purchased the 657-room property, they will only be in charge of the hotel operations. Paragon Gaming will stay in charge of operating the 35,000-square-foot casino.
The terms of the deal were not disclosed to the public, but there are rumors that it was worth about $135 million.