Hooters Casino Acquired for $53.8M in Hush Deal

Hooters CasinoWhomever orchestrated the May 1st, 2015 sale of the Hooters Hotel & Casino in Las Vegas certainly wasn’t interested in generating a lot of publicity since almost all major news outlets found out days after the transaction had taken place, with employees being notified only one day prior to the final deal.

The company behind the $53.8 Million price tag is called Trinity Hotel Investments and is a firm based out on New York. According to the Las Vegas Sun piece on the sale parties from both Trinity and the current owners of Hooters (Canyon Capital Advisors) declined to comment on the sale, slightly strange considering the publicity surrounding hotels changing hands is almost always good for business.

In any case, it was a short lived run for Hooters which took over the property in 2006 (then the San Remo Hotel) and re-branded it under the Hooters umbrella. Since its inception however, the hotel has been plagued by financial issues and even filed for bankruptcy just one week before it was slated to be auctioned off in a foreclosure sale in 2006 which temporarily staved off creditors of the property.

Under the new owners, it’s suspected that the hotel will be re-branded under a major hotel management company (possibly Holiday Inn) and opened as a discount alternative to the strip hotels hoping to attract mid range guests to the property. While the site is not in an ideal location, it’s still close enough to the strip that a shuttle service would make it an attractive and affordable option.

The sale of Hooters comes just a month after it was announced that the Tropicana had been sold to Penn National Gaming for a cool $360 Million and being its next door neighbor it will be interesting to see the development plans for both properties over the coming months and years.

Having stayed at Hooters ourselves one evening, we have to say it’s no surprise that the hotel has met its maker since it was getting quite run down and attracting a pretty seedy group of people. We really hope that the new iteration of the property it something great that can be enjoyed again by visitors.

For all you Hooters Restaurant fans out there not too worry, apparently the restaurant will remain in place (along with the casino) since it’s reportedly the most profitable Hooters franchise location in the entire United States.

It’s been an interesting start to Q1 of 2015 in terms of real estate and development deals in the city, with Genting breaking ground on Resorts Worlds days ago and a number of properties changing hands. We fully expect the next 3 quarters to have a number more deals coming to the table and some interesting developments breaking ground across the city in anticipation of 2016 fiscal and beyond.