OYO, India's largest lodging company, has announced it has acquired the Hooters Hotel & Casino in Las Vegas. This is OYO's first acquisition in Las Vegas. The representative for OYO has stated that this latest acquisition is part of its five-year plan to become the largest hotel chain in the world.
The 657-room property sits atop a 35,000-square-foot casino. The hotel will undergo a complete makeover and be rebranded by the end of 2019. The casino will remain at the hotel but will be managed by Paragon Gaming, a non-affiliate of the hotel. The overhauled property will be known as OYO Hotel & Casino Las Vegas, OYO's first ever property in Sin City.
OYO is only a six-year-old startup and already one of the biggest lodging companies in the world when it comes to the number of rooms offered. The company is headquartered close to New Delhi and is rapidly expanding across Asia, Europe and the United States. The company now owns and franchises properties, both hotels and vacation homes, in 800 different cities in 80 countries.
OYO has recently announced additional expansions in Japan and the United States. The company is anticipating investing over $300 million into properties in the United States over the next couple of years. It is the intention of the hotel chain to be the largest chain in the world by 2023.
The company has recently purchased @Leisure and entered into an agreement with Airbnb. Both of these transactions have increased the presence of OYO around the world and in the hotel industry. Marriott and Hilton are most likely keeping a very close eye on OYO.