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Hooters Casino Hotel Sold

By Chuckmonster on Monday, 22nd January 2007 3:06pm
  » filed under Las Vegas  comments: 1


It's barely been open for a year, and Hooters has sold its Casino Hotel for $95 million dollars to NTH Advisory Group LLC..

Nobody saw this one coming.

NTH Advisory approached 155 East Tropicana L.L.C. with the unsolicited offer, which calls for the Santa Monica, Calif.-headquartered casino and hotel development and advisory firm to purchase all outstanding membership interests in Las Vegas-based 155 East Tropicana L.L.C. "Obviously Las Vegas is an extremely vibrant market with property values that continue to climb and have good returns for investors," Michael Hessling, 155 East Tropicana L.L.C. president, told CPN. NTH Advisory will also be accountable for any repurchases and related costs of the company's $130 million in principal amount of Senior Secured Notes due in 2012. The transaction is on schedule to close by June 30, but may close no later than April 30, 2008 depending on certain unspecified conditions.



Comments & Discussion:

I interviewed for a job at the hotel in marketing. I didn't think the place was going to last, but the employees are nice folks. I hope they don't lose their jobs.

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