{"id":1004053052,"date":"2012-03-07T08:39:34","date_gmt":"2012-03-07T16:39:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=36656"},"modified":"2022-12-05T16:02:17","modified_gmt":"2022-12-06T00:02:17","slug":"hooters-hotels-next-act-now-in-canyon-capitals-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hooters-hotels-next-act-now-in-canyon-capitals-hands\/","title":{"rendered":"Hooters Hotel\u2019s Next Act Now in Canyon Capital\u2019s Hands"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

Hooters Hotel is on track to change hands by March 30 after its principal creditor, an affiliate of Canyon Capital Realty Advisors, was the sole bidder in a bankruptcy sale last month. The affiliate,\u00a0Canpartners Realty Holding Company IV, offered a $60 million credit bid for the\u00a0696-key property located on East Tropicana Avenue.<\/p>\n

\u00a0By announcing the amount of its bid in court two months ago, Canpartners\u00a0apparently discouraged other prospective bidders, Innovation Partners managing director Matthew Sodl, who marketed the hotel on behalf of its\u00a0previous owners, told the Las Vegas Review-Journal<\/em>. Initial projections\u00a0had placed the property\u2019s auction value at\u00a0up to $80 million.<\/p>\n

Canyon Capital did not immediately disclose its plans for the property, which has undergone numerous branding and ownership changes since opening in 1972 under the Howard Johnson\u2019s flag. As the Review-Journal <\/em>noted, however, the firm has previously renovated and re-branded ailing properties in Las Vegas.<\/p>\n

In 2007 Canyon Capital provided a $56 million acquisition loan for the property then known as the Debbie Reynolds Hotel and Casino. Located on Convention Center Drive, the hotel was renovated and re-launched as the Greek Isles Hotel and Casino. When the owner defaulted on the loan two years later, the asset reverted to Canyon Capital. The hotel has since been re-branded as the Clarion Hotel and Casino.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Alex Girda, Associate Editor
\nHooters Hotel is on track to change hands by March 30 after its principal creditor, an affiliate of Canyon Capital Realty Advisors, was the sole bidder in a bankruptcy sale last month. The affiliate,\u00a0Canpartners Realty Holding […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[],"class_list":["post-1004053052","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest"],"acf":[],"yoast_head":"\nHooters Hotel\u2019s Next Act Now in Canyon Capital\u2019s Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hooters-hotels-next-act-now-in-canyon-capitals-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hooters Hotel\u2019s Next Act Now in Canyon Capital\u2019s Hands\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor Hooters Hotel is on track to change hands by March 30 after its principal creditor, an affiliate of Canyon Capital Realty Advisors, was the sole bidder in a bankruptcy sale last month. 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