India-based Oyo Hotels and Homes has taken over the Las Vegas Hooters Casino Hotel in what is its first property purchase in the United States.
Unconfirmed sources stated that the Softbank-backed hospitality portal and Highgate, an American real estate investment and hospitality management company, are together putting in USD 135 million for the acquisition.
Hooters Casino Hotel will now be rebranded and re-designed as Oyo Hotel & Casino Las Vegas, the company said in a statement. It provides 657 rooms across 19 floors and a 35,000 square-foot casino.
Highgate will assume management of the hotel, and Paragon Gaming will continue to operate the casino, Oyo said.
“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 USD 1 billion expansion of the Las Vegas Convention Center. We are increasingly exploring new ways to connect with our customers, from millennials, to young executives and families, in every city we enter," said Abhinav Sinha, chief operating officer, OYO Hotels and Homes USA.
Earlier in June, Oyo had announced its plan to invest USD 300 million in the US.
“With our newest hotel in Las Vegas, we are excited to cater to a completely different audience segment," said Ritesh Agarwal, founder and chief executive, OYO Hotels and Homes.
Founded in 2013, OYO Hotels & Homes combines fully operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes. Over the years, it has attracted an array of investors including the likes of Airbnb, SoftBank Vision Fund, Lightspeed Venture Partners, Greenoaks Capital, Sequoia Capital India, and Hero Enterprise.
