Omni Hotels Announces $250 Million Hotel Plans For Nashville
August 25, 2010 at 7:53 AM (PT)
OMNI HOTELS have announced plans to build an 800-room, at least $250 million headquarters hotel for NASHVILLE's new convention center, the MUSIC CITY CENTER, by the SUMMER of 2013, Mayor KARL DEAN has announced. OMNI, which is based in IRVING, TX, said they plan to pay cash to build the hotel rather than taking on debt.
In return for OMNI taking on all of the construction and operating risk and committing to maintain the hotel at a four-diamond level, NASHVILLE METRO government plans to give the company about $103 million in sales tax revenues and other funds over a period of 20 years, as well as about $25 million in additional financing to repay OMNI for its land acquisitions. The deal will require further negotiations and ultimate approval by the METRO COUNCIL this FALL.
Plans are calling for the hotel to connect to the COUNTRY MUSIC HALL OF FAME and allow OMNI to brand its facility with a music theme. Designs for the COUNTRY MUSIC HALL OF FAME and OMNI expansion are still being worked out but the plan is for the hotel to sit just across Fifth Avenue South, behind the HALL OF FAME.
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