New Delhi (CNN Business) India's biggest hotel chain is on a global expansion spree. Its latest stop: Las Vegas.

OYO has signed a deal to buy the Hooters Casino Hotel in the Nevada gambling and entertainment hub, it announced Friday. The 657-room property will be rebranded the OYO Hotel & Casino Las Vegas, with a makeover expected to be completed by the end of the year. It's OYO's first property in the city.

The deal is worth around $135 million, according to a source familiar with the transaction.

Highgate, a US hospitality investment firm that partnered with OYO on the purchase, will take over the management of the hotel, while Nevada-based Paragon Gaming will continue operating the 35,000-square-foot casino.

"We are excited to cater to a completely different audience segment and are certain that this will be the perfect start to OYO's journey in Las Vegas," OYO founder and CEO Ritesh Agarwal said in a statement.

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