October 24, 2014
The announced sale of the Hooters Casino Hotel in Las Vegas has stalled, with the potential buyer saying he'd like another chance to make the deal.
An official says Santa Monica, Calif.-based Hedwigs Las Vegas Top Tier failed to make a $500,000 nonrefundable payment on Friday, leading Hooters to cancel the transaction.
Hedwigs principal Richard Bosworth blames "market dynamics" after 14 months in which his investment group put up $6 million in nonrefundable fees and other costs toward the purchase.
Hooters president and minority share owner Richard Hessling tells the Las Vegas Review-Journal he'll either continue to operate, accept another sale offer, or look at expanding.
He declined to talk about continuing the deal with Hedwigs.
Hedwigs in March said it planned to spend $225 million to buy the 727-room property just east of the Las Vegas Strip and spend $130 million on a makeover and name change.
Hooters put $130 million into renovating the former Hotel San Remo before opening in February 2006.