Hooters Las Vegas Casino has signed a letter of intent to be purchased by NTH Advisory Group LLC, an investment group, for $95 million in cash and payment of some royalties. Hooters Casino Las Vegas, Nevada real estate has only been open for one year. NTH real estate investors would be responsible for any related costs of the sellers’ $130 million of 8 3/4% Senior Secured Notes due 2012.
NTH has a deposit of $1.1 million in a real estate escrow account by Feb. 12, 2007. The deal could be canceled for any reason during the inspection period.
155 East Tropicana LLC, is the owner of Hooters. This is a partnership of Florida Hooters LLC and EW Common LLC. The CEO of 155 East Tropicana LLC, Neil Kiefer, says the buyout offer was unsolicited and will provide an attractive return to the company’s owners.
The hotel in Las Vegas, Nevada real estate has been unable to maintain an average hotel occupancy of 95% for Las Vegas hotels. The Las Vegas hotel was formerly known as Hotel San Remo Casino. Hooters Las Vegas is located a half a block from Vegas Boulevard.
NTH Advisory Group, LLC, is a Santa Monica, CA-based advisory, hotel and casino development firm. If the hotel deal happens, it could close the end of June or as late as April 30, 2008.
A few analysts are skeptical of the transaction because there are few details on how NTH will structure this commercial real estate deal.
Hooters Las Vegas casino sale to NTH Advisory Group for $95 million.