Omni Hotel

[Laramie]

The two hotel brands that will bid on the development of the cc conference hotel are Omni and a combined bid by Marcus (Hilton, Starwood, IHG, Westin & Marriott) & Mortensen (Hyatt Recency, Hilton, Ritz-Carlton & Marriott).

Let's hope the selected brand/developer is willing to fund a good 70% ($140 million) of this project expected to cost in the $200 million range. City of OKC may have to subsidize $60 million through TIF and other sources. Consider Louisville's $139 million & Nashville's $128 million to subsidized their convention center hotels, OKC may have to shell out some bucks to attract some of the more lucrative conventions.

The Skirvin was a $50 million project, of which the city subsidized merely $18 million. My personal approval means nothing, but I think that was a pretty good deal. There's also something to be said about design - I'm not sure that $100 million of subsidy for this hotel will deliver half as much design as the $18 million Skirvin subsidy did. The catalytic impact of the Skirvin greased the wheel for development of tens of new hotels, most of them without any development subsidy. I just don't see other dominoes coming after a CC hotel that justify the likely cost.

A good investment by the city may provide another catalyst impact by the new convention center conference hotel could spur another wave of hotel development.

Construction of a 600 room conference hotel has the potential to draw some larger conventions that could spill over with use of a number of downtown-Bricktown hotels.

[Spartan]

They are not going in with 70% their own financing. They will probably be around half or even less. A lot of cities have had to fully finance these CC hotels, so honestly it would be a big win if OKC can get off the hook for 50% of the cost.

[Laramie]

They are not going in with 70% their own financing. They will probably be around half or even less. A lot of cities have had to fully finance these CC hotels, so honestly it would be a big win if OKC can get off the hook for 50% of the cost.

Much will depend on how badly Omni or Marcus-Mortensen wants to develop that hotel. The experience with the Skirvin could be a sign.

A 40% subsidy would be a good investment based on what other cities are now willing to shell-out to acquire these luxury brands.

[soonerguru]

We need a top notch, a-list hotel for image alone. Hopefully, regardless of TIF or subsidy level, the developers bring a top-shelf brand.

[Laramie]

We have various hotel brands throughout downtown-Bricktown; it's time for something different like a luxury Omni or a Hyatt Regency.

[_Cramer_]

We have various hotel brands throughout downtown-Bricktown; it's time for something different like a luxury Omni or a Hyatt Regency.

Agreed!

[Spartan]

I just hope that any deal is structured so that all parties care about the design of the actual hotel, rather than just squeezing revenue streams for sheer volume of rooms.

If the city kicks in with subsidies approaching or more likely surpassing half of the TDC, then they need to care about the final design that we will have to live with long after this deal. You won't get a good design outcome if half or more of the parties in a deal don't care about the actual design.

[Pete]

Developer should be selected next week.

[RodH]

The current city council agenda has a resolution authorizing negotiation of an economic agreement with Omni Hotels.

[Pete]

The current city council agenda has a resolution authorizing negotiation of an economic agreement with Omni Hotels.

That's the winner!

I'm surprised but happy about this.

On September 21, 2016, the Selection Committee convened with the two
finalists in order to obtain additional information and clarification
pertaining to the final proposals. Subsequent to the September 21, 2016
meeting, the Selection Committee unanimously recommended Omni
Hotels and Resorts as the lead developer of the Hotel with a minimum of
600 guest rooms with an estimated development budget of $235,500,000.

[dankrutka]

Just curious, why are you surprised? Is this the group you were hoping for? Seems like a good outcome to me.

[catch22]

Nice! So the $235MM is that the total cost of the hotel development, or just what Omni is responsible for? I remember reading the city will be providing money as well, is that in addition to the $235MM or subtracted from?

[Pete]

$235MM is the total development cost.

Originally, this group asked for 40-60% public assistance but I don't know if that changed when they made the final 2.

[G.Walker]

Nice! So the $235MM is that the total cost of the hotel development, or just what Omni is responsible for? I remember reading the city will be providing money as well, is that in addition to the $235MM or subtracted from?

I think the city is actually responsible for $50 million correct?

[Laramie]

$235 million +/- for the convention center hotel; that's comparable to what the new convention center will cost. We could see close to $450-$475 million spent on the convention center & hotel.

The finished product should land OKC some quality conventions as we approach 4,400 downtown hotel rooms for 2019.

Anxious to see the conference hotel design by OMNI.

[UnFrSaKn]

https://twitter.com/stevelackmeyer/s...10296893194241

[HOT ROD]

care to decode the tweet? (Im in China right now, can't access twitter/google/youtube etc. ...)

[kevin lee]

Basically he's saying that he has renderings of the hotel. I'm assuming they will be released Sunday morning unless someone breaks the story before then.

[Pete]

I think the city is actually responsible for $50 million correct?

$85 million is my understanding, plus the City will probably provide parking in the the $37 million proposed parking garage for next to nothing.

[Will]

Per Steve, the hotel will be 19 stories. How do hotel heights compare per floor to office buildings?

[Pete]

Per Steve, the hotel will be 19 stories. How do hotel heights compare per floor to office buildings?

Hotel floors are more like residential floors and not as high as office buildings.

For comparison, the Continental Resources building downtown (formerly Devon and formerly Mid America Tower) is 19 floors and 262 feet.

However, although the typical floor height in a hotel is shorter than an office building, this hotel will likely have a big base so the average floor height will probably be pretty close to an office building.

19 floors is disappointing, as the new Omni in Louisville will be 30 floors and 612 rooms, while the OKC hotel should be right at 600 rooms.

[Pete]

This is the Omni Nashville which is 23 floors and 269 feet. So, it's almost exactly the same height as Continental's 19-story office building downtown.

If the OKC Omni is 19 floors, my guess is it will be around 250 feet.

[David]

https://twitter.com/stevelackmeyer/s...55921517469698

Get the early Sunday edition of @TheOklahoman and read all about proposed 19-story Omni for downtown OKC, including renderings.

[kevin lee]

200 or so apartments where added to the top floor of the Louisville Omni between the first and last proposals. You never know it might get a little more height before it's all over.

[OKCRT]

200 or so apartments where added to the top floor of the Louisville Omni between the first and last proposals. You never know it might get a little more height before it's all over.

I was hoping for at least 25-27 floors and close to 300 ft. tall.