Hyatt Hotels Corp. to acquire Dream Hotel Group
The purchase is said to start at a base price of $125m, with up to an additional $175m over the next six years.
The Dream Hotel Group has been acquired by Hyatt Hotels Corporation for a base price of $125m with up to an additional $175m to be paid over the next six years.
The acquisition will include 12 managed or franchised hotels, with another 24 management agreements for the hotels that haven’t opened yet according to a news release.
Shopoff Realty Investments and Contour is responsible for the development of Dream Las Vegas, located on Las Vegas Boulevard. Shopoff Realty President and CEO Bill Shopoff told the Las Vegas Review-Journal there are no changes to the project’s name, timing or programming.
He added: “We think this is a huge positive for the project given the depth of the Hyatt reservation system.”
Dream Las Vegas broke ground this summer and is expected to offer a boutique-style experience in an area that contains several hotel-casinos, providing a new experience for patrons.
The project has also faced several hurdles since first breaking ground in 2022. This includes when the plans were originally unveiled in February 2020, shortly before the coronavirus outbreak that closed resorts.
Not long ago, the group was forced to make a series of design changes due to their close proximity to the Las Vegas airport.
A complaint was filed against the Pinball Hall of Fame, which opened in a newly built facility, as it encroached by “at least eight feet” on the Dream Las Vegas property. The property line issue was quickly settled and Shopoff said the encroachment wouldn’t affect Dream’s hotel tower.
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