New Delhi (TAN): Indian hotel startup OYO has signed a deal to acquire the Hooters Casino Hotel in Las Vegas, United States. The company partnered with American hospitality investment and management firm Highgate to buy the property, reportedly OYO’s first-ever property in the city.
According to reports, the deal is valued at USD135 million.
The hotel, near the Las Vegas strip, will be rebranded OYO Hotel & Casino Las Vegas following renovations that could be completed by the end of the year.
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“With our newest hotel in Las Vegas, 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 Chief Executive Officer Ritesh Agarwal was quoted by media reports as saying.
While Highgate will reportedly take over the overall management of the 657-room property, Nevada-based company Paragon Gaming will manage operations of the 35,000-square-foot casino.
Founded by Ritesh Agarwal in 2013, OYO was launched as a startup for booking budget hotels in India. The company, on a global expansion spree, bought Netherlands-based vacation rental company @Leisure Group earlier this year to strengthen its presence in Europe.
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It had also reportedly announced plans to become the world’s largest hotel chain by 2023. OYO, with over 850,000 rooms around the world, is currently the third largest hotel chain in the world by number of rooms, only behind Marriott and Hilton, reports said.
Global home-sharing platform Airbnb invested in OYO earlier this year.
