Hooters Hotel Sells For $70 Million

Hooters Hotel

The Hooters Hotel was one of those that always was a gambling destination in Las Vegas for more than a decade but throughout the years it’s begun to be shadowed by big name casinos such as the “Aria” or the “Bellagio”. None the less this hotel has been acquired by the Trinity Hotel Investors Group for in excess of $70 Million, which is a low price. This means that this famous hotel & casino now has an uncertain future.

This casino, hotel plus resort was previously owned by the Canyon Capital Advisors of Las Angeles since 2012. This transfer in management occurred when the Hooters Hotel was foreclosed only months before. Since that takeover by Canyon Capital, they have been unsure as to if they should demolish this casino & rebuild a new one or sell it to a new investor. Their decision seems to be have made & Canyon Capital has been able to gain a small profit from Trinity Hotel’s.

This properties sale was originally posted for $53.8 Million which is the amount that Canyon Capital purchased Hooters Hotel for back in 2012. After a series of bids from multiple different investors Trinity was able to come out on top with their $70 Million bid. This in return has allowed for Canyon Capital to earn a nice $12 Million profit on their investment. That’s not bad for just allowing for a property to sit on the strip as an eye soar.

We’ll inform you as to what happens with the Hooters Hotel once more information is revealed regarding its future.