Formerly Hotel San Remo Casino and Resort, Hooters Casino Hotel is located one-half block from the intersection of Tropicana Avenue and Las Vegas Boulevard. The property, which has 696 hotel rooms, has been unable to maintain an average hotel occupancy anywhere near the 95% that is the norm for Las Vegas hotels.
The property is owned by 155 East Tropicana LLC, which is a partnership of EW Common LLC and Florida Hooters LLC. Neil Kiefer, the CEO of 155 East Tropicana LLC, says the offer was unsolicited and "will provide an attractive return to the company's owners, yet allow the owners who are not interested in the transaction to maintain their ownership interests, subject to certain limitations."
NTH Advisory Group, LLC, is a Santa Monica, CA-based casino and hotel development and advisory firm led by Richard Bosworth. If the deal goes forward, it could close as early as the end of June or as late as April 30, 2008.
As part of the preliminary agreement, NTH is required to deposit $1.1 million in an escrow account on Feb. 12. The deal could be canceled for any reason during the ensuing two-month inspection period, according to a regulatory filing.
Some analysts are skeptical of the deal in part because there are few details with regard to how NTH will put it together. The notes responded well, however, trading at 95 cents on the dollar Monday afternoon, up 10 cents from the price they were fetching immediately prior to the announcement.
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