The Trinity Hotel Investments of New York group has announced they recently acquired the Hooters Casino Hotel in Las Vegas for a sum of $53.8 million. The sale took place on May 1st, which was just one day after the employees of the hotel were told of the new owner.
According to reports, the former owner Canyon Capital Advisors as well as the new owners, have yet to comment on the sale. The casino was previously operated by the Navegante Group. The Trinity purchase will be the first time the company will have a property in Las Vegas according to Michael Parks, a broker for the CBRE Group, a company that worked with the seller.
The Tropicana, which is located next to the Hooters property, was also recently sold, this purchase completed by Penn National Gaming – giving them their first Las Vegas Strip property. The purchase price of the Tropicana was $360 million. According to Parks, it is good for the neighborhood to see both casinos purchased and the new owners putting money into the properties.
It is believed that the Trinity group will be changing the name of the Hooters property and could possibly be working with the Holiday Inn as part of the deal.