● The asset, earlier known as Hooters Casino Hotel, will be rebranded and designed as a beautiful new OYO Hotel & Casino Las Vegas, making it the world’s fastest-growing chain and OYO’s first flagship hotel in the #1 tourist destination in the U.S.
● The deal was proposed and managed by Highgate, which will assume management of the hotel
● Located near the corner of the famed Las Vegas Strip and Tropicana Ave., OYO Hotel & Casino offers 657 rooms across 19 floors and a 35,000-square-foot casino
● Paragon Gaming will continue to manage the casino
● The hotel will be going through an exciting transformation that is expected to be completed by the end of this year
LAS VEGAS (August 27, 2019) – OYO Hotels & Homes, the world’s third-largest and fastest-growing hotel chain, today announced that it has partnered with Highgate to create its first key flagship property in Las Vegas, OYO’s first property in this lively city – OYO Hotel & Casino Las Vegas. Located near the corner of the famed Las Vegas Strip on Tropicana Ave., OYO Hotel & Casino provides 657 rooms across 19 floors and a 35,000 square-foot casino. This hotel was earlier operated as Hooters Casino Hotel. Additional amenities include two signature restaurants, four bars, a fitness center, and an outdoor pool. The property will undergo an exciting transformation to be completed this year, which will bring the dynamic OYO brand to life in the most recognizable tourist destination in the world. Highgate will assume management of the hotel, and Paragon Gaming will continue to operate the casino.
“I am really excited to announce the commencement of the OYO’s operations in our newest city – Las Vegas. We are excited to be here as 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 $1 billion expansion of the Las Vegas Convention Center. As we continue to focus on bringing to life our popular concept of ‘comfort design’ and delivering chic hospitality experiences, we are increasingly exploring new ways to connect with our customers, from millennials, to young executives and families, in every city we enter. With our newest hotel in Las Vegas, we are furthering our commitment to enable our guests to experience #Livingthegoodlife, and are certain we will become their preferred place to stay and truly enjoy Las Vegas in the coming months,” said Abhinav Sinha, COO and Partner, OYO Hotels & Homes USA. “We will be undergoing a renovation and will come up with some of the most loved amenities and experiences that are sure to please Las Vegas visitors from around the world. We can’t wait to welcome you to our first hotel in Las Vegas.”
“Earlier in June, we announced our plan to invest $300 million in the U.S. As a new-age hospitality company, we currently offer great living spaces throughout our 112+ OYO Hotels in more than 60 cities and 21 states. 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,” said Ritesh Agarwal, Founder & CEO, OYO Hotels & Homes.
“OYO Hotel & Casino offers a tremendous opportunity for Highgate to partner with a visionary company like OYO in one of the world’s most dynamic hospitality markets,” said Neil Luthra, a Principal of Highgate. “We believe OYO’s philosophy of dynamic hotel experiences, combined with our management expertise, will make for a long and successful partnership.”
“We’ve had great success managing the Hooter’s casino and look forward to continuing on as the Casino Manager and partnering with Highgate to introduce OYO’s hotel brand in Las Vegas,” said Diana Bennett, Paragon Gaming Chairwoman
OYO Hotels started with the belief that a beautifully designed, chic and comfortable living space appeals to everyone. Since then it has consistently innovated and focused on creating lasting experiences – starting from living spaces to event spaces, with exciting food and beverage options, and more. All of this will come to life in the OYO Hotel & Casino Las Vegas, where Highgate’s expertise and experience will further improve the quality standards.
Known worldwide for its innovative chic offerings that have impacted hospitality experiences positively, OYO Hotels has attracted some of the world’s leading investors, including Airbnb, SoftBank Vision Fund, Lightspeed Venture Partners, Greenoaks Capital, Sequoia India, and Hero Enterprise. The company is increasingly evolving into a real estate service platform with 1 million-plus rooms under its management, globally.
About OYO Hotels and Homes
Opening its doors in 2013, OYO Hotels & Homes is the world’s third-largest chain of hotels, homes, managed living and workspaces. The portfolio combines fully operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes. Additionally, OYO along with Vacation Homes categories managed by the company under OYO Homes, Belvilla, Danland, Dancenter along with Germany-based Traum-Ferienwohnungen brands can be found in more than 800 cities in 80 countries, including the U.S., Europe, U.K., India, Malaysia, Middle East, Indonesia, Philippines, and Japan. For more information, log onto https://www.oyorooms.com/
About Highgate
Highgate is a premier hospitality investment and management company widely recognized as an innovator in the industry. Highgate is the dominant player in U.S. gateway markets including New York, Las Vegas, Boston, Miami, San Francisco, and Honolulu. Highgate also has an expanding presence in key European markets through properties in London, Paris, Barcelona, Vienna, and Prague. The company provides expert guidance through all stages of the hospitality property cycle, from planning and development through recapitalization or disposition. Highgate also has a proven record of developing bespoke hotel brands and utilizes industry leading proprietary revenue management tools that identify and predict evolving market dynamics to drive out performance and maximize asset value. With an executive team consisting of some of the industry’s most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, London, Dallas, Los Angeles, and Seattle.
About Paragon Gaming
Established in 2000, Las Vegas-based Paragon Gaming is an internationally recognized developer and operator of world-class gaming destinations. With an executive team led by second-generation members from one of Nevada’s most prominent gaming families, Paragon has amassed a portfolio that includes the Hard Rock Hotel and Casino Lake Tahoe, Westgate Las Vegas Resort and Casino and Hooters Hotel and Casino Las Vegas.
