Budget Hotel Chain Oyo Continues Meteoric Growth With Vegas Hooters Acquisition
Oyo Hotels and Homes has made its first property acquisition in the U.S, purchasing the Hooters Casino Hotel Las Vegas, the company announced Friday.
The deal, completed in partnership with hotel investment and management company Highgate, is said to be valued at $135 million, according to a Wall Street Journal report. The 657-room property will also be renamed Oyo Hotel & Casino Las Vegas after renovations are completed later this year.
Oyo CEO Ritesh Agarwal called the move critical to the budget hotel chain's U.S. expansion strategy. The U.S. is already Oyo's fastest growing market by property openings, Skift reported last month. Oyo also currently has more available rooms in China than in its home market of India, and the U.S. is expected to follow suit.
