Magnolia Acquires Sheraton Omaha

Property Scheduled for $14mil Renovation and Repositioning as Omaha Magnolia Hotel

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. October 14, 2008

DENVER, CO, November 30, 2006. Magnolia Hotels today announced the acquisition of the Sheraton Omaha Hotel, becoming the fourth property owned and operated by Denver-based Magnolia Hotels. The Magnolia Hotel will be the first upscale boutique hotel in downtown Omaha, contributing to the revitalization of the historic Old Market downtown neighborhood. The acquisition was effective at 3:30 p.m. MST today.

"We are excited about embarking on this new venture in the booming city of Omaha," said Leigh Hitz, president of Magnolia Hotels. "Omaha is going to love the contemporary style, outstanding service and unique amenities that Magnolia Hotels are known for. When renovation is complete, there will be nothing like it -it will truly be a remarkable boutique hotel."

Starting in February 2007, with a slated completion date of early summer 2007, the Omaha Magnolia Hotel, 1615 Howard St., will undergo a massive renovation. The entire hotel will be repainted, re-carpeted and fully remodeled, including all new guestroom furnishings, bathrooms, bedding, meeting amenities and common area furnishings. The total project cost is $14 million. Throughout the renovation, the hotel will remain fully operational, and the inconvenience associated with construction will be minimal due to the phased renovation plan.

Two Omaha-based companies have been selected for the project: Construction Services Inc. will be the project contractors and Lori Anderson Interiors will handle the interior design. Denver-based JG Johnson Architects Hospitality & Housing Design was selected to develop the concept for the new design, which will feature a larger, contemporary Club Room in the redesigned lobby area, as well as an outdoor patio for dining. Additionally, the design will feature a contemporary Winter Garden adjacent to the courtyard, which the hotel is known for. The tiled courtyard, originally designed to reflect the style of Italy's Bargello Palace courtyard, will be redone to reflect a modern, elegant design. Upon completion, the new courtyard will feature a large fountain/water feature and many potted plants. The new courtyard will be a premier space for weddings and other events, with its elegant ambiance and private stairway, perfect for a bride and groom to make their grand entrance.

The Club room is the signature gathering place at Magnolia Hotels, where guests can lounge comfortably, dine, socialize and enjoy live entertainment. The centerpiece of The Club, which will offer an expanded bar/lounge, will be a floor-to-ceiling dual-sided gas fireplace made of sleek polished concrete. Tall lighted columns and swanky upholstered mahogany club chairs and banquettes will add design flair. A giant L-shape bar will anchor the room, which will have French doors leading to an outside patio.

Another signature offering of Magnolia Hotels is the Library, a cozy enclave where guests can choose from a selection of books to relax and unwind. The Omaha Magnolia's Library, available to reserve for small meetings, will have a large round 10-seat table, rich chocolate brown shelving and a state of the art computer with high-speed Internet access.

The Omaha Magnolia Hotel will offer a total of approximately 6,000 square-feet of well-designed meeting space. The redesigned Ballroom will encompass the former Aquila Broiler Restaurant, thereby doubling the Ballroom event space and creating the capacity to accommodate 225 guests for special events. All meeting areas and common areas will have wireless Internet access.

"The Magnolia Hotel is going to be Omaha's premier destination for events," said Mike Pratt, corporate sales and marketing director of Magnolia Hotels. "We look forward to offering our superior level of service and unique product to the Omaha market, as well as becoming very involved with the community and working with local charitable organizations."

The 145 guestrooms, of which 20 are suites, will be updated with new furniture, including a desk, club chair and TV stand. Bedding and d'ecor will feature a chic chocolate brown and turquoise color scheme. Of the suites, which range in size from 350 to 700 square-feet, 13 are two-level loft-style suites and seven are one-level suites on the first floor. The grand two-story Presidential Suite at the Omaha Magnolia is a dramatic 1,200 square-feet, featuring its own private entrance, floor-to-ceiling windows, a Jacuzzi room, wood burning fireplace and a full kitchen.

Located across the street from the Orpheum Theater, the Omaha Magnolia Hotel is located in the heart of downtown, with convenient access to the Old Market District, the acclaimed Henry Doorly Zoo and the Western Heritage Museum. The Omaha Magnolia Hotel offers 24-hour valet parking, full-service catering and food and beverage services, room service, complimentary evening cookies and milk, and a 24-hour fitness center with steam room and dry sauna. Additionally, high-speed Internet access is available in all guestrooms and wireless Internet access is available in all common areas. Guestroom rates will range from $115 to $175.

The Magnolia Hotels are upscale boutique hotels catering to the sophisticated traveler. Magnolia Hotels are owned and operated by the Stevens Holtze Corp., a Denver-based real estate development and hotel management company concentrating on the redevelopment of historic properties into elegant hotels in central business districts. The company currently owns and operates four Magnolia hotels-in Denver, Dallas, Houston and Omaha. Magnolia Hotels is currently exploring other markets for additional growth opportunities.