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Omni Hotel Corporation Borrows $250 Million,
Uses Three Hotels as Collateral

By Sandra Baker, Fort Worth Star-TelegramMcClatchy-Tribune Regional News

March 20, 2013--Irving-based Omni Hotel Corp. has mortgaged the Omni Fort Worth Hotel, which opened in 2009 across from the Fort Worth Convention Center, to raise money.

The 614-room hotel, at 1300 Houston St., was one of three properties that Omni used as collateral to borrow $250 million from Prudential Mortgage Capital Co., according to HFF in Dallas, a provider of commercial real estate and capital markets services that worked with Omni on the deal.

The loan is a 15-year fixed-rate note, HFF said. No other financing terms were disclosed. The deal was signed Feb. 22, according to deed records.

Omni spokeswoman Anne Tramer said the company will not talk about the financing deal.

Whitaker Johnson, HFF senior managing director, said the financing was done "purely because of the attractive terms being offered in the market today."

The financing also included the 378-room Omni Houston and the 347-room Omni Chicago, HFF said.

In 2012, the Tarrant Appraisal District valued the Omni Fort Worth at $75 million.

The hotel opened to great fanfare in January 2009.

Initially planned as only a hotel, the project grew to a $230 million investment that included the addition of an 86-unit luxury condo tower.

To date, 30 condos have sold, including a $2 million penthouse to Robert Rowling, chairman of TRT Holdings, Omni's parent.

In 2005, Omni signed a 99-year land lease with the city to build the hotel and later received $31 million in city and county tax incentives on the development.

Sandra Baker, 817-390-7727




(c)2013 the Fort Worth Star-Telegram

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