Search
 

Hooters Casino-Hotel Ownership Intent on Sale

LAS VEGAS-The owners sign an LOI to sell to an investment group led by NTH Advisory Group LLC for $95 million cash and responsibility for $130 million in senior secured notes due in 2012.

By Brian K. Miller | Updated on January 22, 2007

LAS VEGAS-One year after opening, the ownership of the Hooters Casino Hotel here has signed a letter of intent to be acquired by an investment group led by NTH Advisory Group LLC for $95 million in cash and the payment of certain accrued royalties. The buyers also would be responsible for any repurchases, and related costs, of the sellers’ $130 million (in principal amount) of 8 3/4% Senior Secured Notes due 2012.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.