Earlier this June, OYO has secured $300 million for its expansion in the US, over the next few years. That expansion now comes to live, when OYO buys Hooters Casino Hotel this Monday. OYO is India’s biggest hotel chain. It currently aims to make global expansion spree. By this deal, Las Vegas is its latest stop. Besides, this deal is worth around $135 million.
Hooters’ 657-room property rebrands into OYO Hotel & Casino Las Vegas. The rebranding process is expected to finish by the end of this year. This marks OYO first property in the city.
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Moreover, for this deal, OYO also partnered with Highgate, a US hospitality investment firm. Later, Highgate will take over the management of the hotel. Meanwhile, Nevada-based Paragon Gaming will continue operating the Casino.
Its founder and CEO says that they are excited to cater to a completely different audience segment.
OYO
OYO is a six-year-old startup. It headquartered in the tech hub of Gurgaon near New Delhi. The startup is now targeting global domination, saying earlier this year that it wants to be the world’s largest hotel chain by 2023.
Since it released that statement, OYO has announced its expansion in Japan, Europe, and the US. Besides, together with investment giant SoftBank (SFBTF), it has also bought @Leisure. It is an Amsterdam-based vacation rental group.
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Moreover, In April, it snagged an investment from Airbnb. The investment was worth $200 million.
OYO claims to be the third-largest hotel chain in the world, behind Marriott and Hilton. Now, it owns or franchises hotels and vacation homes across 800 cities in 80 countries.
Consequently, the company, valued at around $10 billion. As announced in June that it currently operates 112 hotels in more than 60 US cities.