Las Vegas Strip Dream Casino Has a New Owner
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A hotel giant has now become a player in Sin City by buying a unique hotel that's aimed at an important niche.
Some hotels are just places to stay while you explore a city. But many hotels pride themselves on being attractions unto themselves. They usually cost more, but they deliver a more stylish experience, with elevated food and experiences.
One of the main names in the boutique sector is the Dream Hotel Group, which includes properties such as Thee Dream Hotels. They often feature fashion forward collaborations with with musical artists and vibrant nightclubs that rival anything the cities they’re located in can offer, the Broadway-centered Chatwal Hotels, which have a 1905 style theme, as well as the Unscripted Hotels, which cater to progressive travelers with a focus on local cuisine.
Dream Hotel Group has a reputation for quality, which no doubt explains why Hyatt Hotels Corporation (H) - Get Free Report, one of the biggest names in the hotel industry, has decided to acquire it.
Hyatt To Acquire The Dream Hotel Group
Hyatt has announced an agreement to acquire Dream Hotel Group’s lifestyle hotel brand and management platform.
The deal will include 12 of Dream’s managed or franchised lifestyle hotels, with another 24 long-term management agreements for hotels expected to open in the future.
This move will add 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30%.
Upon closing, Hyatt will pay a base purchase price of $125 million, with up to an additional $175 million over the next six years as additional properties start to open.
“We have tremendous respect for what Dream Hotel Group founder Sant Singh Chatwal and Chief Executive Officer Jay Stein and their team have created and are grateful for the trust being placed in us by Dream Hotel Group to care for their brands and carry their success forward into the future,” said Mark Hoplamazian, president and chief executive officer, Hyatt in a statement.
“We look forward to continuing our growth journey with more than 600 new Hyatt family members who will further elevate our lifestyle expertise and expand the success of our dedicated lifestyle division. We are excited to offer even more inspiring experiences and celebratory programming to our guests and loyalty members and bring the value of the Hyatt network to a growing number of discerning hotel owners and developers around the world.”
Sant Singh Chatwal, chairman and founder, Dream Hotel Group, added that “Hyatt has a proven track record of preserving what makes lifestyle hotels special and is the ideal new home for our growing Dream Hotel Group brands.
“As an owner of Dream Hotel Group properties, I look forward to the next part of our journey and am confident there is a bright future ahead for our hotels, owners, guests and team members as part of the Hyatt family.”
The Deal Includes A Soon To Open Vegas Hotel
As part of the deal, Hyatt will acquire the Dream Las Vegas, a 20-story, 531-room hotel-casino that is still under construction, but is expected to open on the Las Vegas Strip in late 2024, and will be located near the “Welcome to Fabulous Las Vegas” sign.
The $550 million development is set to feature seven dining and nightlife venues, 12,000 square feet of meetings and event space and a 20,000-square-foot casino, as noted by Travel Weekly. It will also include a third-level pool and day club; a coffee cafe and gelateria on the street level; and a fitness center by TechnoGym.
