Information on the fate of the Rio All-Suite Hotel & Casino, which was sold by Caesars Entertainment to a subsidiary of Dreamscape Companies just over a year ago, have recently emerged.
Hyatt Hotels Corporation, the world’s largest hotel company, revealed Thursday that it has reached franchise deals with the resort’s new owner and will oversee the renovation through an associate.
After nearly a decade of speculation that Caesars was considering selling Rio, the off-Strip hotel-casino complex that became the permanent home of the World Series of Poker in 2005, the casino behemoth reported in September 2019 that it will indeed sell the site.
The buyer was called as Dreamscape Companies, which is owned and operated by New York-based developer Eric Birnbaum. The resort was purchased for $516.3 million. Dreamscape specialises in the purchase and renovation of gambling, leisure, shopping, entertainment, and residential properties into “unique and diverse spaces that dominate attention” in order to optimise value for investors.
Rio will undergo a multi-phase renovation process as part of its owner’s deal with Hyatt, which will add a range of Hyatt-branded full-service services to Las Vegas. There are actually over 2,510 rooms on the property. Many of them will be redesigned and renamed.
The Project for Redevelopment
The rehabilitation of one of Rio’s existing buildings will be the first step of the city’s remodelling. It will be a 1,501-room Hyatt Regency hotel until completed. It was also announced that the standard guest rooms at this new hotel would be 580 square feet.
The remaining 1,000 rooms will be upgraded as well and operated by one or more of Hyatt’s other full-service names at a later date.
The casino, retail, food and drinks, spa and wellness, and pool areas will all be redesigned and updated under the current management of the global hospitality group. Apart from redefining Rio’s hotel experience to suit the demands of both leisure and business travellers, Hyatt has announced plans to add 220,000 square feet of function space and conference rooms in the future, allowing the property to host a variety of meetings and events.
The deal with Dreamscape is a big move forward for Hyatt, as it paves the way for the hospitality business to introduce its hotel experiences to Las Vegas, which it believes is one of the “that matter most to our loyal travellers.”
Hyatt Vice President of Real Estate and Development Kimo Bertram spoke on the crucial relationship, saying that the company is delighted to introduce several Hyatt products to Las Vegas and that they hope they can “deliver on the Hyatt Regency brand promise of creating meaningful connections in modern spaces designed for sharing, socialising, and collaborating.”
Dreamscape founder and CEO Eric Birnbau added that they are excited to partner with Hyatt to revitalise Rio and that the property is “the perfect space to create the ultimate multipurpose venue in Las Vegas.”