Omni Hotels & Resorts may be offloading some of its assets while maintaining its growth strategy.
The company will be running a “thorough review and potential sale process” of five hotels: the Omni Dallas Hotel at Park West; Omni Jacksonville (Fla.) Hotel, Omni Austin (Texas) Hotel at Southpark, Omni San Antonio Hotel at the Colonnade and Omni Houston Hotel at Westside. The process is being led by Hodges Ward Elliot based out of Atlanta.
“Pursuing the potential sale of assets that no longer align with the direction of our brand was a part of our strategy pre-COVID,” said Peter Strebel, president of Omni Hotels & Resorts. “The hospitality industry was impacted immensely by the pandemic and as we emerge from this crisis, we must be forward thinking about our brand strategies and portfolio offerings. Reinvesting capital into the convention center and resort market space allows us to grow our business and play to our strengths.”
Since the acquisition of six properties from KSL Resorts in 2013, which doubled Omni's leisure portfolio, Omni has been focused on building its resort collection. The brand also has been heavily focused on group/convention center hotels for more than a decade with new build openings in Fort Worth, Texas (2009); Dallas (2011), Nashville (2013); Louisville, Ky. (2018); and the upcoming openings in Oklahoma City and Boston (2021). The company now has more than 50 properties.
In addition to the resort and group/convention center market, Omni has partnered with three professional athletic organizations for mixed-use developments: Omni Frisco Hotel with the Dallas Cowboys (2017), Omni Hotel at The Battery Atlanta with the Braves (2018) and Omni Viking Lakes Hotel with MV Ventures, the development arm of the Minnesota Vikings (2020). Each of the these properties cater to both business and leisure travelers.
Omni Hotels & Resorts will celebrate its 25th anniversary of single ownership with TRT Holdings in early 2021. Three hotels—Omni Viking Lakes Hotel, Omni Oklahoma City Hotel and Omni Boston Hotel at the Seaport—are slated to open between October of this year and summer 2021. Additional projects include Omni PGA Frisco (Texas) Resort, the brand’s partnership with the Professional Golfers' Association of America and the City of Frisco (2023).