The Omni Dallas Hotel isn’t likely to be sold anytime soon, The Dallas Morning News reports. A Dallas City Council committee briefing about the success of the city-owned convention center hotel and the need for further amenities turned into a discussion about its potential sale. But it won't occur within the next five years, said Wayne Placide, one of the city’s outside financial advisers.
Council member Jerry Allen, chairman of the council’s Budget, Finance and Audit Committee, said it could be longer than that. Allen wants to sell when the price is high because of the financing. The city used $400 million in taxable Build America Bonds to build the 1,001-room hotel in 2009.
“Whenever your revenue per room gets to the point where it justifies the asking price,” it will be time to sell, Placide told The Dallas Morning News. “It depends on market conditions, the growth and experience of the hotel, which to this point has been very positive and is trending upward.”
The city also is still carrying $659 million in debt on the hotel.