Hooters Hotel owners enter deal to sell

The ownership group of Hooters Hotel has entered into an definitive purchase agreement to be sell the property for $95 million in cash and additional royalties, and $130 million in public debt, a document filed late Friday with the Securities and Exchange Commission shows.

The group, 155 East Tropicana, signed a letter of intent to sell in January to the investment group led by Santa Monica, Calif.-based NTH Advisory Group following an unsolicited offer.

The agreement provides for closing of the deal as early as Oct. 31. But the closing could come as late as June 2008 pending approval of federal regulators and state gaming officials.

The former San Remo was sold in the summer of 2004 and rechristened as Hooters Hotel on Feb. 2, 2006, following a $130 million renovation.