The Rio Las Vegas is joining the Hyatt portfolio, with the 2,510-room casino resort set to undergo a revamp and ultimately be reflagged under several Hyatt brands.
As part of the project, the property's public areas, including its gaming, retail, food and beverage, spa, fitness and pool spaces will be redeveloped.
One of the Rio's renovated hotel towers will debut as a 1,501-room Hyatt Regency hotel, with standard guestrooms averaging 580 square feet.
The remaining guestrooms will also undergo renovations but will be branded under or affiliated with one or more other Hyatt full-service brands.
Additionally, the property will house more than 220,000 square feet of event and meetings space.
"We know Las Vegas is an important destination for our guests, World of Hyatt members and customers, and this project is a significant step for Hyatt as we continue to grow our brands in markets that matter most to our loyal travelers," said Kimo Bertram, Hyatt's vice president of real estate and development, in a statement.
The Rio Las Vegas is currently owned by Dreamscape Companies, which acquired the casino hotel from Caesars Entertainment in 2019 for $516.3 million. Under the terms of that deal, Caesars had agreed to continue to operate the property for a minimum of two years.
According to Hyatt, Dreamscape Companies is currently in the process of pursuing its gaming license and has received preliminary approval from the Nevada Gaming Commission. Caesars Entertainment will continue to operate the property in the interim.
The Rio had temporarily shuttered due to the pandemic in March 2020, but it has been back up and running since December.