Las Vegas Hooters sold, to be redeployed to OYO Hotel

The Hooters resort off the Las Vegas Strip has been sold to Indian-based hospitality company OYO.

The resort of 657 rooms will be transformed into the OYO Hotel & Casino Las Vegas by the end of the year, officials said today in a statement.

"We are excited to be here because we believe Las Vegas is an exciting city to invest in …" said Abhinav Sinha, OYO chief and operations manager, in a statement. "With our newest hotel in Las Vegas, we are confident (OYO Hotel & Casino Las Vegas) will be their preferred place to stay and truly enjoy Las Vegas in the coming months."

The deal, according to the release, was proposed by Highgate, which will assume management of the hotel while Las Vegas-based Paragon Gaming will continue to operate the property's 35,000-square-foot casino. The transition will begin next month.

The terms of the agreement were not disclosed.

"We have had great success managing the Hooters casino and look forward to continuing as a casino manager and partnering with Highgate to introduce OYO's Las Vegas brand," said Diana Bennett, Paragon's chairman and co-founder.

In June, OYO announced a plan to invest $ 300 million in the United States. It currently has more than 1[ads1]00 hotels in 21 states. The company says it is the third largest chain of hotels, homes and work areas.

Entrepreneur Ritesh Agarwal started OYO as a teenager in 2013.