Search
 

Deposit Date Changes for Hooters Hotel Sale

LAS VEGAS-155 East Tropicana LLC is selling the gaming resort to an investment group led by NTH Advisory Group LLC for upward of $225 million in cash and assumed debt.

By Brian K. Miller | Updated on March 14, 2007

LAS VEGAS-An investment group led by NTH Advisory Group LLC has secured a deposit deadline extension with regard to its $225-million acquisition of the Hooters Casino Hotel here from 155 East Tropicana LLC. The sale, for $95 million in cash and $130 million of assumed debt, is scheduled to close by the end of June. The revised letter of intent extends the deadline for the second half of a $2.2-million deposit from this week to April 28.

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 since it opened for business this time last year.

NTH Advisory Group, LLC is a Santa Monica, CA-based casino and hotel development and advisory firm led by Richard Bosworth. 155 East Tropicana is a partnership of Florida Hooters LLC and EW Common LLC. EW Common is owned 90% by Eastern & Western and 10% by Michael J. Hessling, formerly the executive vice president and chief executive officer of Hôtel San Rémo, and currently the president of 155 East Tropicana.

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.