SoftBank-backed Indian Hospitality Giant Oyo Hotels and Homes has bought Hooters Casino Hotel Las Vegas in what is its first property purchase in the US.
Although Oyo didn’t reveal the financial terms of the transaction, but it has been estimated at $135 million for the asset.
Hooters Casino Hotel will now be re-branded and designed as Oyo Hotel & Casino Las Vegas, the company said in a statement. It provides 657 rooms across 19 floors and a 35,000 square-foot casino.
“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 millennial, to young executives and families, in every city we enter,” said Abhinav Sinha, chief operating officer and OYO Hotels and Homes USA.
In June, Oyo announced its plan to invest $300 million in the U.S. Currently, it has more than 112 Oyo Hotels in more that 60 cities and 21 states in the U.S.
“With our newest hotel in Las Vegas, we are excited to cater to a completely different audience segment,” said Ritesh Agarwal, founder and chief executive, OYO Hotels and Homes.
OYO Hotels and Homes which World’s third-largest chain of hotels, homes, managed living and work spaces was founded in 2013. The portfolio of OYO consists of fully operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes. Over the years, it has attracted a lot of investors including the likes of Airbnb, SoftBank, LightSpeed Venture Partners, Greenoaks Capital, Sequoia Capital India and Hero Enterprise.
Source- Groupon
Oyo has been on an acquisition spree. It confirmed its acquisition of Innov8 which provides co-working spaces. It showed the increasing focus of company on the growing segment.
In May, Oyo said that, it has acquired Amaterdam-based Leisure group, from Axel Springer, a media and technology company. Leisure is a vacation rental company in Europe, which manages holiday homes, holiday parks, and holiday apartments. The transaction was pegged around $416 million, according to several media reports.
Oyo has been on an acquisition spree. In July, it confirmed its acquisition of Innov8, a co-working spaces provider, highlighting the company’s increasing focus on the fast-growing segment. While Oyo did not disclose financial details of the Innov8 acquisition, it is pegged to be around $30 million, according to a TechCrunch report.
In May, Oyo said it has agreed to acquire Amsterdam-based @Leisure Group, from Axel Springer, a media and technology company, for an undisclosed amount. @Leisure is a vacation rental company in Europe, which manages holiday homes, holiday parks, and holiday apartments. The transaction was pegged around $416 million, according to several media reports.
Last Year also it acquired Mumbai-based Weddingz.in, an online marketplace for wedding venues and AblePlus solutions Pvt. Ltd., an Intenet of Thing (IoT) company.
It claims to have a balance sheet of about $1.5 billion. OYO has raised nearly $1.7 billion in funding over 12 rounds.
