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JMI Realty Completes $104 million in Financing for New Omni San Diego Hotel in Ballpark District |
| SAN DIEGO, April 29, 2002 - Culminating a four-year
effort, JMI Realty today announced that has closed for the new Omni
San Diego Hotel and Metropolitan condominiums that are planned across from
the Ballpark in downtown San Diego. This transaction is the largest
-- and one of just a few -- hotel loans that have closed in the United
States since September 11.
"JMI Realty and John Moores promised the people of San Diego that we would build a four-star hotel next to the Ballpark, and we are delighted to announce that with this final hurdle behind us we will be resuming construction on the Omni San Diego Hotel immediately," said John Kratzer, president of JMI Realty, master developer of the Ballpark District. "Our lending team has remained steadfastly committed with us to seeing this project through, and we thank them for their patience and hard work in helping to make the Omni San Diego Hotel a reality." According to Tim Wright, senior managing director with Holliday Fenoglio Fowler, "This is the largest of just a handful of hotel loans to close in the U.S. since September 11. Its successful conclusion in today's challenging hotel market is a credit to the tireless efforts of JMI Realty and its lending team, as well as to the quality of the project and its unique niche across from the Convention Center in the new Ballpark District." The JMI lending team comprises two of the world's foremost lending institutions, Bank One, NA and Westdeutsche Landesbank Girozentrale (WestLB), as well San Diego National Bank, San Diego County's largest community bank. Additionally, JMI Realty and Omni Hotels are making significant investments in the hotel as well. "We entered this project committed to seeing it through with our partners and lending team and are very excited about what this will mean to San Diego and Omni Hotels," said Jim Caldwell, president of Omni Hotels. "The success of this transaction reinforces the fact that we are a major brand that can compete in any market." "This successful transaction signifies the confidence lenders and equity investors have in the long-term strength of the San Diego market and the participating partners, like Omni Hotels," said Greg Clay, director of hospitality development with JMI Realty. "We are pleased that this project is back on track and will be ready for business when the Ballpark opens in the spring of 2004." Financing of the hotel was delayed after construction stopped pending the outcome of several lawsuits against the Ballpark. The last of the lawsuits was dismissed in January, and construction on the Ballpark resumed in February. That same month, JMI Realty announced that Omni Hotels would be its partner in the development and operation of the hotel portion of the project. "Omni Hotels is an outstanding hotel organization that brings a strong owner's mentality to their partnership with us," said Kratzer. "Their commitment to four-star-plus quality is evident at every one of their 40 locations throughout the U.S., Canada and Mexico." The Omni San Diego Hotel will be located directly across from the recently expanded convention center and the new Ballpark. The striking, curvilinear glass tower will redefine the San Diego skyline, rising 32 stories and offering sweeping bay, ocean and city views from many of its 512 elegantly furnished guest rooms. Additionally, the top 11 floors are being privately developed as The Metropolitan, 37 luxury condominiums that are being offered for sale. "The condominiums are independent from the Omni San Diego Hotel, although residents will enjoy access to all of the hotel amenities," said Clay. "Many of the homes have already been reserved." Hotel guests and Metropolitan residents will enjoy direct access into the Ballpark via a pedestrian sky bridge extending from the fourth floor above Seventh Avenue. A six-story banquet and convention wing will adjoin the main tower and include state-of-the-art conference and ballroom facilities as well as a 13,000-square-foot rooftop terrace with swimming pool. The architect for the Omni San Diego Hotel is Hornberger + Worstell Associates of San Francisco. The general contractor is Swinerton Builders. Bank One, NA is the nation's sixth largest holding company with assets over $260 billion. WestLB is the third largest bank in Germany with more than $400 billion in total assets and representation in 35 countries around the world. San Diego National Bank, currently celebrating its 20th anniversary, has 16 branches throughout San Diego County and a strong track record for supporting local businesses and developments. Omni Hotels offers luxury accommodations at more than 40 hotels and resorts located throughout the United States, Canada and Mexico, providing guests with exceptional hospitality, personalized services and exquisite decor to create a distinctive experience at each destination. Omni Hotels offers the flexibility to customize virtually any program for the meeting professional combining unsurpassed meeting facilities, many with high speed Internet connectivity, with a wide range of guest amenities from gourmet dining to state-of-the-art fitness facilities. JMI Realty is a San Diego-based real estate investment company that is strategically focused on quality real estate opportunities throughout Southern California. The firm's portfolio is valued in excess of $600 million and reflects a broad effort in the lodging, multi-family and office sectors. JMI Realty has just completed development of the new Del Mar Marriott Hotel in Carmel Valley, and is under construction on Casoleil, an upscale apartment community in the Otay Ranch area of San Diego. The company is also finalizing plans for Island Village, a key two-block residential development located north of the San Diego Omni Hotel in the East Village. |
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JMI Realty |
| Also See | JMI Realty To Partner With Omni Hotels for Long Planned 512 Room Hotel Adjacent to San Diego Convention Center / Feb 2002 |