HOUSTON – (Realty News Report) – The Omni Houston Hotel at Westside has been sold as part of a portfolio of five full-service Omni properties.
While all five properties are currently branded and managed by Omni Hotels & Resorts, each of the properties will be renovated and re-branded by the new owner.
The Houston hotel in the portfolio is located at 13210 Katy Freeway, near N. Eldridge Parkway and the Addicks Reservoir. (The Omni hotel in the Riverway development was not included in the acquisition).
The five hotels, with a total of 1,729 rooms, included Omni Dallas Hotel at Park West, Omni San Antonio Hotel at the Colonnade, Omni Austin Hotel at Southpark and the Omni Jacksonville Hotel in Florida.
The seller, TRT Holdings of Dallas, was represented by the Hodges Ward Elliott, a boutique real estate capital markets advisor.
The hotels are “positioned in dynamic submarkets within their respective metros, the properties are poised to benefit from strong post-COVID recovery rooted in stout market fundamentals,” Hodges Ward Elliott said.
The purchaser was not disclosed, but Bloomberg had previously reported that London & Regional Properties, a U.K. firm, had contracted to buy the hotel portfolio for about $150 million.
The Jacksonville Daily Record reported that the 354-room Omni Jacksonville was sold for $35.1 million. The acquiring entity was led by individuals affiliated with London & Regional Properties.
“In August 2020, we announced our intent to pursue the sale of five hotels that no longer align with the strategic direction of Omni Hotels & Resorts,” said Peter Strebel, president of Omni Hotels & Resorts. “The sale closed on February 25, 2021 and the new owner will transition the hotels out of the Omni system later this year.”
The coronavirus pandemic has been a disaster for the hotel industry. For the week ending April 18, 2020, the Houston hotel occupancy rate was 23.9 percent, compared to 63.8 percent a year earlier, according to the STR hotel research term.
March 1, 2021 Realty News Report Copyright 2021
Caption: Photo of Omni Houston Westside courtesy of Omni Hotels & Resorts.
File: Houston Omni Hotel Sold