Investment Highlights
Hotel San Remo
Las Vegas, NV
In 2004, Canyon Capital Realty Advisors LLC provided a $48.5 million bridge loan to a joint venture between Eastern & Western Hotel Corporation and Florida Hooters LLC. The loan was secured by a senior lien on the borrower's interest in the real property and the Hôtel San Rémo. Plans called for the San Rémo's repositioning into the flagship Hooters Casino, Resort and Entertainment Center.
The San Rémo was situated on an 8.9-acre site consisting of the 711-room full-service hotel; a 23,000 square foot casino; three full-service restaurants; one deli/fast food outlet; two bars; a showroom; a gift shop; approximately 10,000 square feet of convention/banquet space; a 550-space five story parking garage; and approximately 395 surface parking spaces.
The site is strategically located adjacent to the Tropicana Resort & Casino and in close proximity to the intersection of Las Vegas Boulevard and Tropicana Avenue. The three other hotel-casinos nearby are the MGM Grand, located directly across the street from the San Rémo, the New York-New York and the Excalibur. The Property is also within walking distance of the Mandalay Bay and the Luxor.
