Industry giant Hyatt Hotels Corp. has announced that it is acquiring Dream Hotel Group for a starting price of $125 million, with additional consideration of up to an additional $175 million as more Dream properties, including its Dream Las Vegas casino on the Strip, come online over the next six years.
The takeover will encompass 12 existing properties, and management agreements for an additional 24 properties that have yet to open.
The 531-room Dream Las Vegas project is located near the intersection of Russell Road and Las Vegas Boulevard. The California-based firms Contour and Shopoff Realty Investments are developing the resort-casino, which is slated to open in early 2025.
Shopoff Realty CEO Bill Shopoff told the Las Vegas Review-Journal that he feels Hyatt’s acquisition is “a huge positive for the project given the depth of the Hyatt reservation system.”
The project, which was unveiled in February 2020, has already faced some challenges, including a number of design changes that were required due to the casino’s close proximity to Harry Reid International Airport.
In addition, when the Pinball Hall of Fame relocated to a facility adjacent to the Dream site, it encroached on the casino’s property, which , according to a lawsuit subsequently filed by Shopoff, prevented a drainage outlet from being built “as originally designed and engineered.”
The case has since been settled, with Shopoff and company conceding a small portion of land in exchange for payment, the amounts of which were undisclosed.
