HOOTERS Las Vegas NV Hotel Buyer Looses $6 Million By Missing Payment

Hooters Las VegasHOOTERS Las Vegas strip hotel missed payment stops real estate deal. An option agreement was cancelled this week after a real estate investment group failed to make payment on the commercial real estate.

Hedwings, from Santa Monica, CA, has spent over $6 million in the past year for closing costs and and nonrefundable fees.

Plans for the home of the famous orange short shorts and chicken wings were to become a boutique hotel.

Amazingly enough, the investment group would still like to purchase the property in the next few weeks if the Hooters hotel owners would entertain the offer. Market dynamics was said to be the cause of the missed payment by Hedwigs Las Vegas Top Tier.

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Because of the failed payment the hotel in Las Vegas has several options: entertaining a new purchase, expansion or operate under the current ownership. A future sale to Hedwigs isn’t a done deal.

Insiders were not surprised the transaction didn’t come to fruition due to the financial market troubles started last year. In addition, neither side of the transaction was clear to the commercial real estate transaction lack of details.

The hotel casino has had falling cash flow in the past couple of years. During 2006, $66.7 million in hotel revenue and last year fell an additional $1.7 million. Operating expenses during those years were near $59 million and enough to cover expenses.

PhoneCall 702-505-6988 for VIP real estate representation by a real estate agent.

HOOTERS Las Vegas NV hotel buyer looses $6 million by missing payment.

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