Cost-effectively in Vegas11?India's biggest hotel chain is moving into Las Vegas. First stop: Hooters
Vegas11 Baccarat New Delhi (CNN Business)India's biggest hotel chain is on a global expansion spree. Its latest stop: Las Vegas. OYO has signed a deal to buy the Hooters Casino Hotel in the Nevada gambling and entertainment hub, it announced Friday. The 657-room property will be rebranded the OYO Hotel & Casino Las Vegas, with a makeover expected to be completed by the end of the year. It's OYO's first property in the city. The deal is worth around $135 million, according to a source familiar with the transaction.
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Vegas11 Baccarat Highgate, a US hospitality investment firm that partnered with OYO on the purchase, will take over the management of the hotel, while Nevada-based Paragon Gaming will continue operating the 35,000-square-foot casino. "We are excited to cater to a completely different audience segment and are certain that this will be the perfect start to OYO's journey in Las Vegas," OYO founder and CEO Ritesh Agarwal said in a statement. The six-year-old startup, headquartered in the tech hub of Gurgaon near New Delhi, is targeting global domination, saying earlier this year that it wants to be the world's largest hotel chain by 2023. Since then, it has announced expansions in Japan, Europe and the United States, partnering with tech investment giant SoftBank (SFBTF) and buying Amsterdam-based vacation rental group @Leisure. In April, it snagged an investment from Airbnb that was reportedly worth as much as $200 million.।
