Las Vegas' Hooters Casino Hotel sells for $70M

Las Vegas' Hooters Hotel has been sold to Trinity Hotel Investors, a New York investment group, for $70 million. But as the Las Vegas Review Journal notes, the new ownership’s plans for the off-Strip property remain "unclear."

Canyon Capital Advisors of Los Angeles has owned the 696-room hotel-casino since 2012, after foreclosing on the development. Canyon said at the time it hoped to sell the property on Tropicana Avenue just east of the Tropicana Las Vegas.

Michael Parks of the CBRE Group in Las Vegas, who represented Canyon Capital in the sale, said that the deal closed May 1 and did not need approval of Nevada gaming regulators. The Navagante Group has been managing property’s 35,000-square foot casino since 2012 and is continuing in that role.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

A deed recorded with the Clark County assessor’s office listed the purchase price as $53.8 million. Parks said that figure didn’t include personal property, which added to the total figure.

The property has been known as Hooters Hotel since 2006 when it was bought by a group of partners associated with the Hooters of America restaurant chain and given a $190 million face-lift.

Suggested Articles

The furloughs will affect those at its domestic owned properties as well as its corporate staff.

The company is reducing its corporate workforce 40 percent to approximately 100 full-time-equivalent employees.

As of April 2, more than half of Accor’s branded hotels were closed worldwide, a portion the company said could grow to two-thirds in coming weeks.