Casino and leisure giant Hyatt Hotels Corp. stated Tuesday that it had struck an agreement to purchase Dream Hotel Group. The partnership comes as Dream Hotel Group presses on with plans for the under-construction Dream Las Vegas hotel-casino in the heart of Nevada.

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Hyatt Hotels Group Amid Plans for More Investments

The transaction comprises 12 managed or franchised hotels with another 24 management agreements for hotels that haven’t opened yet, a news statement notes. 

Out of the projects that have yet to open, Dream Las Vegas, on Las Vegas Boulevard just south of Russell Road, is being built by Southern California businesses Shopoff Realty Investments and Contour. The 531-room resort is anticipated to make its debut in the first quarter of 2025.

Bill Shopoff, president and chief executive officer of Shopoff Realty, told the Las Vegas Review-Journal that the Hyatt acquisition would not affect the project’s name, schedule, or programming. 

“The business feels this is a significant asset for the project given the depth of the Hyatt reservation system,” Shopoff said, adding his team receives the “combined benefit” of Dream’s innovation and Hyatt’s scalability.

Groundbreaking for Dream Las Vegas

Las Vegas, which began construction this summer, will provide a more intimate, boutique-style experience in a sector dominated by large hotel casinos with tens of thousands of rooms. 

The project has experienced several challenges since it initially launched. Its developers initially unveiled plans for the resort in February 2020 – just one month before the coronavirus outbreak disrupted daily life in Southern Nevada – and were later forced to make a series of design modifications after facing concerns, such as possible illegal drone flying, due to its proximity to Las Vegas’ airport.

Hyatt has a strong track record of maintaining what makes lifestyle hotels exceptional and is the right new home for its developing Dream Hotel Group brands,” Sant Singh Chatwal, chairman, and creator of Dream Hotel Group, said in a news statement. As a member of the Hyatt family, he looks forward to the next phase of its journey and is certain that the hotels, owners, customers, and staff members have a bright future.

Expansion of Brand Development to Market 

In addition to the aforementioned 531 hotel rooms, the $550 million Dream Las Vegas development will include a 20,000 square-foot casino, seven dining and nightlife venues, a rooftop pool, 12,000 square feet of meeting and event space, a spa and fitness center, and onsite parking, among other amenities.

In an exclusive interview conducted in September, Dream Hotel Group’s CEO Jay Stein revealed the company’s intentions for the gaming hotspot. Stein said at the time that the company should have opened the first Dream Hotel in Las Vegas and expanded the brand from there. The culture of what its brand actually is and what the city of Las Vegas stands for has always been a wonderful fit from day one.

When they do arrive in Las Vegas, many lifestyle hotels are integrated into larger developments, according to Stein. “No one has ever done it in the correct manner for a standalone version of the lifestyle hotel that the core visitors are accustomed to, whether it be New York, Miami, San Francisco, or L.A.”

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