Colonnade hotel’s sale is finalized by Omni
Omni Hotels & Resorts recently sold its hotel in Northwest San Antonio, one of five properties it put on the market last summer. LR SATX LLC bought the Omni San Antonio Hotel at the Colonnade on Friday from an affiliate of billionaire Robert Rowling’s TRT Holdings, which owns Omni Hotels & Resorts, property records show.
Dallas-based Omni Hotels & Resorts declined to disclose details of the transaction. But the 326room hotel at 9821 Colonnade Blvd. was assessed at $35 million last year by the Bexar County Appraisal District.
“The new owner will transition the hotels out of the Omni system later this year,” said Peter Strebel, president of Omni Hotels & Resorts. “We’re grateful to all of the Omni leaders and associates who made these five hotels successful and look forward to reinvesting these funds into the future of our brand.”
Omni Hotels & Resorts announced plans in August to sell the Colonnade hotel along with properties in Dallas, Houston, Austin and Jacksonville.
“Pursuing the potential sale of assets that no longer align with the direction of our brand was a
part of our strategy PRE-COVID,” Strebel said at the time.“the hospitality industry was impacted immensely by the pandemic and as we emerge from this crisis, we must be forward-thinking about our brand strategies and portfolio offerings.”
“Reinvesting capital into the convention center and resort market space allows us to grow our business and play to our strengths,” he added.
Bloomberg reported in January that London & Regional Properties was under contract to purchase the five hotels for about $150 million. The U.k.based hotelier didn’t immediately respond to an inquiry.
Records show the address of LR SATX LLC matches that of Jackson Hole Trust Co., a Wyoming company that provides “trust services to U.S. and international families” and manages investments, according to a brochure on its website. Jackson Hole Trust Co. didn’t immediately respond to an inquiry.
Omni Hotels & Resorts also operates the Omni La Mansión Del Rio and Mokara Hotel & Spa in downtown San Antonio, which were not part of the sale.
Hotels in the area have struggled during the coronavirus pandemic. Travel restrictions and concerns about the virus have emptied rooms, and a slew of conventions and other events have been canceled.
Revenue at San Antonio hotels plunged nearly 50 percent last year and operators filled 42.7 percent of their rooms on average, according to a report by hotel consulting firm Source Strategies, based in San Antonio.