Hooters Sale Receives Extension
NTH Advisory Group LLC and its fellow investors have secured a deposit deadline extension in regards to their $225M acquisition of the Hooters Casino Hotel. The sale, for $95M in cash and $130M of assumed debt, is scheduled to close by the end of June. The revised letter of intent extends the deadline for the second half of a $2.2M deposit from this week to April 28.
The buyer, NTH Advisory Group, LLC is a California-based casino and hotel development and advisory firm led by Richard Bosworth. The seller, 155 East Tropicana is a partnership of Florida Hooters LLC and EW Common LLC. EW Common is owned 90% by Eastern & Western and 10% by Michael J. Hessling, formerly the executive vice president and chief executive officer of Hôtel San Rémo, and currently the president of 155 East Tropicana.