Rio update: The off-Strip Rio Las Vegas will undergo a multi-phase renovation project in which the property’s 2,510 hotel rooms and suites will be rebranded by the Hyatt Hotels Corp. In a statement Thursday, Rio owner New York-based Dreamscape Companies did not reveal a cost for the renovations. An outside spokesman for Dreamscape said the resort would retain the Rio name. The initial focus will be converting a 1,500-room tower into a Hyatt Regency hotel. The remainder of the Rio’s guestrooms are expected to be branded or affiliated with one or more of Hyatt’s brands after they are renovated. Current plans contemplate a phased renovation without having to close the property. The property’s current public spaces, including gaming, retail, food and beverage, spa and fitness, and pool recreation deck, will also undergo redevelopment. A time frame also not disclosed. Dreamscape acquired the Rio in December 2019 from Caesars Entertainment for $516.3 million. Caesars continues to operate the hotel-casino under a two-year lease agreement that pays Dreamscape $45 million a year. https://www.cdcgamingreports.com/hyatt-hotels-to-renovate-and-rebrand-rio-las-vegas/