Omni Acquires Austin Downtown Hotel Building
Luxury Hotel Brand Continues Aggressive Development Cycle in Texas
AUSTIN, TX, September 6, 2007. Omni Hotels continues its aggressive development cycle in the luxury hotel market as it announces the real estate purchase of the building that already houses the Omni Austin Hotel Downtown. The 20-story, 375,000-plus square-foot downtown hotel, located at the corner of San Jacinto Boulevard and Eighth Street, is part of the Austin Centre complex which opened in 1986. The complex was sold this past May by Crescent Real Estate to Walton Street Capital, LLC. The hotel has carried the Omni Hotels flag since 1992. Omni has now purchased the hotel component of the complex.
The Omni Austin Hotel Downtown is situated in the downtown business district and is only a few blocks from the Austin Convention Center, the Texas State Capitol and the Sixth Street Entertainment District. With 375 guest rooms, 37 over-sized condominium style suites on the top five floors, approximately 20,000 square feet of meeting space, an atrium bar and lounge and a rooftop pool, the luxury hotel easily serves both business and leisure guests.
"The Omni Austin Hotel Downtown sits at a great intersection in the Austin marketplace where we have already enjoyed being a part of this dynamic, thriving community," said Mike Deitemeyer, president of Omni Hotels. "As a Texas-based hotel company, we look forward to expanding on our success across the state with this acquisition to our portfolio and the upcoming investments we are making to the property."
Omni is moving forward with immediate plans for a $10 million guest room renovation to further enhance the guest experience. The new design has a smooth and sophisticated southern style with unique urban accents which epitomize the feel of Austin. This first phase of renovation is expected to be complete in the first half of 2008 and will be followed by an updating of the meeting space.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
