Hyatt

Hyatt Hotels Corp will be rebrand the property’s 2,510 hotel rooms and suites of the off-Strip Rio Las Vegas in a multi-phase renovation project.

In a statement Thursday, Rio owner New York-based Dreamscape Companies did not reveal a cost for the renovations. An outside spokesman for Dreamscape said the resort would retain the Rio name.

Hyatt

The initial focus will be converting a 1,500-room tower into a Hyatt Regency hotel. The remainder of the Rio’s guestrooms are expected to be branded or affiliated with one or more of Hyatt’s brands after they are renovated. Current plans contemplate a phased renovation without having to close the property.

The property’s current public spaces, including gaming, retail, food and beverage, spa and fitness, and pool recreation deck, will also undergo redevelopment.

A time frame also not disclosed.

Dreamscape acquired the Rio in December 2019 from Caesars Entertainment for $516.3 million. Caesars continues to operate the hotel-casino under a two-year lease agreement that pays Dreamscape $45 million a year.

Dreamscape principal Eric Birnbaum told the Nevada Gaming Commission in January Hyatt would have some involvement in the property, which sits on 89 acres along Flamingo Road, just west of Interstate 15 and 1.1 miles from the intersection of the Strip and Flamingo.

Birnbaum and his partner, Thomas Ellis, were given a preliminary finding of suitability for the Rio by Nevada gaming regulators.

“The Rio Las Vegas is the perfect space to create the ultimate multipurpose venue in Las Vegas, and we are thrilled to work with the Hyatt team to revitalize the property,” Birnbaum said in a statement.

Hyatt

Chicago-based Hyatt Hotels, which has 20 different brands in a portfolio of more than 975 properties in 69 countries, had two locations in Las Vegas – Hyatt Place Las Vegas near McCarran International Airport, and Hyatt Place Silverton Village near the Silverton Hotel-Casino.

“We know Las Vegas is an important destination for our guests, World of Hyatt members, and customers, and this project is a significant step for Hyatt as we continue to grow our brands in markets that matter most to our loyal travelers,” Kimo Bertram, Hyatt’s vice president of real estate and development, said in a statement.

Dreamscape acquires, repositions, and/or develops hospitality, residential, retail, gaming, and entertainment assets. Birnbaum and Ellis first met when they worked at Vornado Realty Trust, a real estate investment trust based in New York.

Birnbaum is behind The Pod Hotel, the 700-room mixed-use ground-up development in New York’s Times Square, and is developing a hotel in South Beach, Miami. He also owns the Westin Las Vegas on West Flamingo across from Bally’s Las Vegas.

The Rio, which was originally developed by Las Vegas builder Tony Marnell, reopened in December after being closed starting at the end of March due to the pandemic. It was the last property amongst Caesars’ nine casinos in Las Vegas to reopen once the state allowed gaming to restart.

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Source: cdcgamingreports.com