Oyo Hotels & Homes, India’s biggest lodging company, acquired the Hooters Casino Hotel in Las Vegas, according to The Wall Street Journal.
This is Oyo's first US property purchase as they begin to expand globally. Oyo bought the hotel with its partner Highgate, a New York-based hotel investment and management company. The two companies paid $135 million, according to people close to the situation. The purchase will be renamed the Oyo Hotel and Casino Las Vegas.
Oyo is only six years old and already ranks among the world’s largest hotel chains. Oyo has raised around $1.5 billion from SoftBank Group Corp. and others. They also own more than 1 million hotel rooms and 23,000 hotels around the world. The company operates largely through franchising and other partnerships.
Ritesh Agarwal is the 25-year-old founder and CEO of Oyo. Oyo recently announced that they are investing $300 million to boost the number of hotels that they own in the US.