OYO HEADING TO VEGAS

India's biggest hotel chain is heading to Vegas.

OYO has signed a deal to buy the Hooters Casino Hotel. The 657-room property will be rebranded the OYO Hotel & Casino Las Vegas, opening at the end of this year after refurbishments.

According to sources, the deal is worth around US$135 million (NZ$211 million). It is OYO's first hotel in the American gambling and entertainment hub.

The company was founded in 2012 by then 18-year-old Ritesh Agarwal, initially as a website for listing and booking budget lodging. Earlier this year, OYO invested US$50 million in a Vietnam expansion effort, part of its bid to become the world's largest hotel chain by 2023.

Currently, OYO claims to be the third-largest hotel chain in the world by number of rooms, behind Marriott and Hilton, with more than 850,000 around the world. The company is valued at US$10 billion, and will be investing $300 million in the USA over the coming years.