Omni Hotel

[Pete]

Information & Latest News

SW corner of Robinson & Reno
status=proposed
cost=est $200 million
finish= est 2019
other= Recommended 735 rooms

3/28/15: Four finalists named
Dollar figures in millions

#	Entity	Flag	Rooms	Total Cost	Public Cost	Notes
1	Omni	Omni	600	$190.2	$70.5	$119.7 in equity; no debt. Remainder is public.
2	Marcus	Hilton	600	$210.0	$63 to $84	Operates the Skirvin; private equity 10-15%; private financing 50-55%
3	Matthew	Westin	600	$180.0	$50 to $90?	$90 private debt; $40 private equity; $50 private financing
4	Mortenson	Hyatt	600	$200.0	$80 to $120	Public investment of 40-60%

Links

Convention Hotel Study
Downtown Hotel Summary
Urban Project Summary
Gallery

1/7/15: New TIF District would fund OG&E HQ, convention garage and hotel
12/17/13: Consultant supports hotel plan

[Pete]

Study suggests Oklahoma City can support $200 million, 735-room conference hotel

By Steve Lackmeyer Modified: December 13, 2013 at 9:52 pm • Published: December 14, 2013
Two reports being delivered Tuesday to the Oklahoma City Council advise that the city can support construction of a 735-room conference hotel as part of development of a new convention center.

Texas consultant Jeremy Stone's study, compiled though visits with local hoteliers and analysis of local hospitality data, reports five full-service, “competitive” hotels enjoyed average room occupancy of 75.6 percent, with an average daily room rate of $129 in 2012.

After consideration of additional limited-service hotels being built or planned in Bricktown and Deep Deuce, Stone's report concludes that a new conference hotel, if it opened with the new convention center in 2019, would hit 56 percent occupancy that first year, jump to 64 percent the next year, and average out at 66 percent occupancy in 2022.

[kevinpate]

Only Omni I have stayed in was in Baltimore, several, several years back.
If I've ever stayed somewhere nicer, I had way too much fun to actually remember anything about the place.

[CaptDave]

Only Omni I have stayed in was in Baltimore, several, several years back.
If I've ever stayed somewhere nicer, I had way too much fun to actually remember anything about the place.

I've stayed in the Ft Worth Omni and like it a lot. The condos in the tower are very nice and I like the look of the tower better than the hotel base.

[OKCisOK4me]

I've stayed in the Ft Worth Omni and like it a lot. The condos in the tower are very nice and I like the look of the tower better than the hotel base.

I stayed there back in 2011. My girlfriend (ex) and I went out to the roof patio/pool/bar and were on the very southeast corner smoking away from others. I snapped this pic:



Downtown OKC should have something like this!

[kevinpate]

Solely? No. But the timing does seem to make it an reasonable question for any voter or interested observer to ponder.

[kevinpate]

Whatever credibility Sanders has or does not have, the Priceline cheap room example is just silly. Selling off some product, not otherwise likely to sell on that day, is pure profit, not a loss.
If someone does not book a room at Priceline or cut a deal at the counter, that room may sit empty that particular night, and those dollars are gone for good once the cock crows.

It no more means folks can book at rock bottom prices en mass than Walmart sells burger meat or steaks at the same price on day 1 of cutting as they do on last 12 hours before discarding.
Those who time it right get a bargain. Others pay regular price.

So one might wonder, who is bs-ing whom if the sthick is based on the fringe outliers and not the norm.

[betts]

Whatever credibility Sanders has or does not have, the Priceline cheap room example is just silly. Selling off some product, not otherwise likely to sell on that day, is pure profit, not a loss.
If someone does not book a room at Priceline or cut a deal at the counter, that room may sit empty that particular night, and those dollars are gone for good once the cock crows.

It no more means folks can book at rock bottom prices en mass than Walmart sells burger meat or steaks at the same price on day 1 of cutting as they do on last 12 hours before discarding.
Those who time it right get a bargain. Others pay regular price.

So one might wonder, who is bs-ing whom if the sthick is based on the fringe outliers and not the norm.

That's what I'm thinking. Stick with the truth and no one can ever prove you wrong.

[hfry]

That's great news Pete! Does anyone have a number on how many total rooms that would make it for all of downtown?

[Pete]

That's great news Pete! Does anyone have a number on how many total rooms that would make it for all of downtown?

See this summary:

Downtown Hotel Summary - OKCTalk


If everything gets build that is proposed, we would have almost 4,000 rooms in the downtown area.

[RodH]

See this summary:

Downtown Hotel Summary - OKCTalk


If everything gets build that is proposed, we would have almost 4,000 rooms in the downtown area.

The report only counts 2000 of those as competitive for conventions due to level of service and proximity to the convention center. They included all of the hotels in the CBD and the proposed convention center hotel in that count

[kevinpate]

If it would open to 56% occupancy, and average out at 66% three years later, wouldn't that suggest it ought to be closer to a 600 room hotel and run more like 80% on average?
Or do hotels not run averages that high and doing so would somehow be a bad thing.

- rarely have someone leave a light on for me, fancy or otherwise.

[Steve]

It is would open to 56% occupancy, and average out at 66% three years later, wouldn't that suggest it ought to be closer to a 600 room hotel and run more like 80% on average?
Or do hotels not run averages that high and doing so would somehow be a bad thing.

- rarely have someone leave a light on for me, fancy or otherwise.

I know this sounds weird, but the 60 percent is the threshold for what is considered a successful hotel. 80 percent would be considered perpetually full. I am told downtown hotels, all considered, are averaging at 76 percent.

[warreng88]

Where would the funding for the convention center hotel come from? Bond funds?

[_Kyle]

Maps 3

[heyerdahl]

Probably because they can run at 66% average occupancy but still have the option to fill to 100% for certain weekends and events.

[G.Walker]

Hopefully the hotel operator will be new franchise that is currently not in our market like, Omni, JW Marriott, or W.

[BoulderSooner]

Some of the money could come from tif funds and go bond funds

[ljbab728]

nm

[OKC@heart]

Can someone fill me in on the graphic at the top of this thread? Is this a new conceptual study of what they might build? I have to say as much as I have not been too thrilled about the location that they keep insisting for this, something of this nature with a great street presence and street level retail on both sides, or even shrouding the building itself with a mix of live work studio, brownstones etc. with carefully designed convention center entrances would be exciting. I realize that the danger is that with such a simplistic form and lacking any context it is enough to let my imagination run wild and hope for the best. This concept allows that to happen, so has my radar going off. Any additional detail would be welcome. Thanks in advance!

[OKC@heart]

Can someone fill me in on the graphic at the top of this thread? Is this a new conceptual study of what they might build? I have to say as much as I have not been too thrilled about the location that they keep insisting for this, something of this nature with a great street presence and street level retail on both sides, or even shrouding the building itself with a mix of live work studio, brownstones etc. with carefully designed convention center entrances would be exciting. I realize that the danger is that with such a simplistic form and lacking any context it is enough to let my imagination run wild and hope for the best. This concept allows that to happen, so has my radar going off. Any additional detail would be welcome. Thanks in advance!

Never mind, answered myself on this one by looking at the Convention center thread, and getting caught up. So that is quite a change. will be interested to see what the materials for the building are to consist of, and would really like to have the backsides of the building to address the street with a mixed use application so we do not get a dead space similar to what was by the back or sides of the Cox Convention center. Cement wasteland with a line or two of trees. One can dream...

[Laramie]

They have $30 million (money that was first designated to move the OG&E power grid) in a contingency fund? Could some of that be used to lure an anchor hotel as part of the Oklahoma City MAPS III convention center & hotel development?

[OKCisOK4me]

They have $30 million (money that was first designated to move the OG&E power grid) in a contingency fund? Could some of that be used to lure an anchor hotel as part of the Oklahoma City MAPS III convention center & hotel development?

That would be a win-win situation but I doubt it'll go down like that. Probably will be put toward the cost of the convention center itself if actual collections fall under projections. BTW, does anyone know where we're at on MAPS3 collections thus far? Calling LarryOKC. LarryOKC, are you out there? You can post a link to your answer on the proper thread in this thread if you need to!

[Just the facts]

The math and logic behind this whole thing is so screwy it makes my head hurt just to think about it. Alas, it proves one thing, the OKC Chamber are experts at double counting. As for losing out on 100 conventions - I wonder if anyone can name one of them.

[DoctorTaco]

Not to blend this thread with another popular thread, but I'm guessing that Shadid comes after this project if he gets elected. Of course he probably comes after the streetcar too. So the way this all shook out is that it is a package deal. You gotta take the good with the bad, or you can lose both.

Hmmm.... Almost as if the writers of the MAPS3 ballot initiative planned it that way.