LAS VEGAS -- The Rio Las Vegas hotel-casino announced Thursday it will partner with Hyatt Hotels Corp. to rebrand and renovate the more than 2,500-room property just west of the Las Vegas Strip.
Dreamscape founder and CEO Eric Birnbaum called the property a perfect space for a multipurpose venue, and welcomed Hyatt's involvement.
Dreamscape purchased the Rio from Caesars in December 2019 for $516 million.
In a statement, Kimo Bertram, a Hyatt vice president, promised the development would feature multiple Hyatt full-service brands.
Financial terms were not disclosed.
The companies said one existing hotel tower will become a 1,501-room Hyatt Regency. The remaining tower and rooms are expected to be branded or affiliated with another Hyatt brand once they are renovated.
The Rio was built by Marnell Corrao Associates west of Interstate 15 and opened in January 1990 with a Brazilian Carnival theme.
Harrah’s Entertainment bought it in 1999 for $888 million, and the property became home to the World Series of Poker after the company name changed in 2004 to Caesars Entertainment Inc.
It has also been home to performances by illusionists Penn & Teller.
The hotel closed in March 2020 due to the coronavirus pandemic and reopened in December.