PLANO, Texas, March 23, 2021 /PRNewswire/ -- Aimbridge Hospitality, the leading, global, third-party hotel management company, has been engaged by Dreamscape Companies as their operating partner to reposition the Rio Las Vegas to multiple Hyatt full-service brand offerings.
"Aimbridge Hospitality's capabilities, depth of expertise, and resource-rich support is unrivaled; I couldn't think of a better team as our hotel operations partner for this venture," said Eric Birnbaum, Founder & CEO of Dreamscape Companies. "By pairing their operational expertise with our investment team, we have created a differentiated platform and opportunity to unlock value for our investors. We believe there will be significant opportunity in the near term, and we plan on being active buyers in the hotel sector."
"We are excited to be working with Eric and Dreamscape as their operations partner," said Dave Johnson Aimbridge Hospitality Executive Chairman. "And we are certainly glad to continue to lead operations for Dreamscape on several other properties, continuing our mutually successful relationship."
The more than 2,510-room Rio Las Vegas will be renovated and rebranded into multiple Hyatt full-service brand flags and will undergo a redevelopment of the current public spaces including gaming, retail, food and beverage, spa and fitness, and pool recreation deck. One of the Rio Las Vegas' existing towers will become a 1,501-room Hyatt Regency hotel with standard guestrooms averaging 580 square feet upon completion.
The remainder of the Rio's guestrooms are expected to be branded or affiliated with other Hyatt full-service brands after they are renovated. Beyond redefining the hotel experience for business travelers and leisure guests, the Hyatt Regency hotel and other Hyatt-affiliated hotels will welcome meetings and event business with more than 220,000 square feet of function space and state-of-the-art meeting facilities.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Aimbridge Hospitality
Aimbridge Hospitality is a leading, multinational hospitality company offering best in class hotel management services across a broad spectrum of franchised branded full and select service properties, luxury hotels, destination resorts, convention centers, and lifestyle hotels. Aimbridge's premium portfolio, inclusive of pipeline, represents over 1,550 properties in 49 states and 22 countries, with 70 lodging brands under management. As the world's largest third-party operator, Aimbridge is dedicated to its mission to be the best hospitality operator by leveraging its scale to add value for owners and opportunities for associates. Aligned with a concentrated focus, agility, and expertise for each vertical, or hotel product category, Aimbridge drives market success for hotels and optimizes investment returns for owners. Aimbridge Hospitality is based in Plano, Texas, with additional corporate offices in Atlanta, Calgary, Fargo, Puerto Rico, Toronto, and Washington D.C. Evolution Hospitality, Aimbridge's Lifestyle Division, is based in San Clemente, Calif. Aimbridge's International Division, Interstate Hotels & Resorts, has supporting offices across Europe in Amsterdam, Birmingham, Glasgow, and Moscow.
About Dreamscape Established in 2019 and led by Founder and CEO Eric Birnbaum, Dreamscape's mission is to generate long-term financial prosperity through a diversified portfolio of differentiated, forward-thinking real estate projects. Dreamscape strives to (re)develop residential, retail, hospitality, entertainment and gaming properties into uniquely vibrant spaces that promote contemporary and progressive cultural utility and maximize value. For more information, please visit www.dreamscapecos.com.