HOUSTON – (Realty News Report) – The Omni Houston Hotel at Westside has been sold as part of a portfolio of five full-service Omni properties.
All five hotels are currently branded and managed by Omni Hotels & Resorts, but the new owner plans to renovate and rebrand each property.
The Houston property 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 part of this transaction.
The portfolio comprises five hotels totaling 1,729 rooms: Omni Dallas Hotel at Park West, Omni San Antonio Hotel at the Colonnade, Omni Austin Hotel at Southpark, Omni Jacksonville Hotel in Florida, and the Omni Houston Hotel at Westside.
The seller, TRT Holdings of Dallas, was represented by Hodges Ward Elliott, a boutique real estate capital markets advisor.
Hodges Ward Elliott noted that the hotels are positioned in active submarkets within their metropolitan areas and are well placed to benefit from the post-COVID recovery thanks to strong local market fundamentals.
The purchaser’s identity was not officially disclosed. Bloomberg previously reported that London & Regional Properties, a U.K.-based firm, had entered into a contract to purchase the portfolio for approximately $150 million.
The Jacksonville Daily Record reported that the 354-room Omni Jacksonville was sold for $35.1 million to an acquiring group 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 devastating for the hotel industry. For the week ending April 18, 2020, Houston’s hotel occupancy rate was 23.9 percent, down from 63.8 percent the previous year, according to STR hotel research.
March 1, 2021 Realty News Report Copyright 2021
Caption: Photo of Omni Houston Westside courtesy of Omni Hotels & Resorts.
File: Houston Omni Hotel Sold