An affiliate of Hyatt Hotels Corp. has entered into franchise agreements with an affiliate of Dreamscape Companies to renovate the Rio Las Vegas, which currently is under the Caesars Entertainment umbrella. The multiphase project is expected to result in several Hyatt properties.
“We are thrilled that Dreamscape will help us bring multiple Hyatt full-service brands to Las Vegas, starting with a Hyatt Regency hotel,” said Kimo Bertram, Hyatt’s VP of real estate and development. “We know Las Vegas is an important destination for our guests, World of Hyatt members and customers, and this project is a significant step for Hyatt as we continue to grow our brands in markets that matter most to our loyal travelers.”
The more-than-2,510-room Rio Las Vegas will be renovated and rebranded and will undergo a redevelopment of the current public spaces, including gaming, retail, food-and-beverage, the spa and fitness area and the pool recreation deck. In addition, the Rio Las Vegas will undergo a renovation of one of the hotel’s existing towers, and upon completion, the tower is expected to become a 1,501-room Hyatt Regency hotel with standard guestrooms averaging 580 square feet. The remainder of the Rio’s guestrooms are expected to be branded or affiliated with one or more other Hyatt full-service brands after they are renovated. The Hyatt Regency hotel and other Hyatt-affiliated hotels will have more than 220,000 square feet of function space and meeting facilities.
“At Dreamscape, our goal is to acquire assets that drive long-term financial and cultural value, and we are very excited to team up with Hyatt on this project,” said Eric Birnbaum, Dreamscape’s founder and CEO. “The Rio Las Vegas is the perfect space to create the ultimate multipurpose venue in Las Vegas, and we are thrilled to work with the Hyatt team to revitalize the property.”