Author Topic: Downtown Omni Hotel Sold  (Read 2004 times)

jaxlongtimer

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Downtown Omni Hotel Sold
« on: February 26, 2021, 05:37:43 PM »
Omni Hotel just sold.  The sales price is another symptom, in my opinion, of the lack of success in our Downtown:
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....Omni Hotel & Resorts sold the Omni Jacksonville Hotel to LR JAX LLC — a joint venture between Jackson, Wyoming-based Willow Lake Holdings and London + Regional Properties — for $35.1 million, or $99,152 per room.

The purchase price is $17.26 million less than Omni bought the hotel for almost 20 years ago...


https://www.bizjournals.com/jacksonville/news/2021/02/26/omni-jacksonville-hotel-sells-for-35m.html?ana=e_jac_bn_breakingnews_breakingnews&j=90552111&t=Breaking%20News&mkt_tok=NjczLVVXWS0yMjkAAAF7fzu-NXMLfC3c9fWA5Mhz-62RtRGTMmpuq0Q-OfwNBg0xYzFKDxEqnVtNBL0iu_PGA4UzwGYvqb4Y1PL2BsCJ-zT93b8CCZCrOhsZP8OxJ_scAHSsAok

This tells me that Downtown is going nowhere fast.  Why would investors invest in opportunities that depreciate like this?  What does Downtown have going for it today that it didn't have 20 years ago to change this perspective?  Where is the realistic, disciplined and thoughtful plan to move Downtown to a point where investors see so much potential to make dollars that they no longer have to request ridiculous amounts of incentives from the taxpayers to move a project forward?  I hear crickets.

Separately, it looks like the Omni brand is coming off.  Wonder what the next flag will be?
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..."Pursuing the potential sale of assets that no longer align with the direction of our brand was a part of our strategy pre-Covid,” Omni Hotels & Resorts President Peter Strebel said in a press release at the time....

BridgeTroll

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Re: Downtown Omni Hotel Sold
« Reply #1 on: February 26, 2021, 06:56:15 PM »
Lexington... :(
In a boat at sea one of the men began to bore a hole in the bottom of the boat. On being remonstrating with, he answered, "I am only boring under my own seat." "Yes," said his companions, "but when the sea rushes in we shall all be drowned with you."

Ken_FSU

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Re: Downtown Omni Hotel Sold
« Reply #2 on: February 26, 2021, 08:04:26 PM »
This tells me that Downtown is going nowhere fast.  Why would investors invest in opportunities that depreciate like this?  What does Downtown have going for it today that it didn't have 20 years ago to change this perspective?  Where is the realistic, disciplined and thoughtful plan to move Downtown to a point where investors see so much potential to make dollars that they no longer have to request ridiculous amounts of incentives from the taxpayers to move a project forward?  I hear crickets.

Hate to say it, but I 100% agree with this.

I've been hoping for downtown Jacksonville to become a hot market since I moved to the city 15 years ago.

But just looking at the existing landscape, I can't bring myself to waste another 15 years hoping for a change that has never looked further off.

As a city, we experienced the greatest period of economic prosperity and urban renewal of our lifetimes, and against all out odds, we actually came out on the other side worse for the wear. We tore down the Landing and drove 30 businesses out of the CBD. We tore down the Courthouse and Annex for another lawn, and fucked up our convention center plans. Almost FIFTEEN YEARS LATER, we're still looking at the half-finished shell of the Berkman II, and even now, city meddling is standing in the way of progress at the site. We had a seat at the table with a Forbes billionaire and an international developer to bring more life and residual development to the northbank, and poor leadership just totally soured what could have been a mutually beneficial relationship.

Shipyards isn't remediated. District is a brownfield. No USS Adams. No Orlock.

A laundry list of historic rehabs we've talking about for a half decade that are either stalled out or require millions of dollars in subsidies to be viable because we're literally just about the only comparable city in the country that can't get our shit together.

The DIA is completely impotent, botching the Ford on Bay RFP, screwing up the LaVilla townhouses, letting the old Greyhound station be illegally converted to a parking lot with no consequence, RAISING parking prices when downtown businesses are struggling, and steadfastly sticking to Curry's plan for the Landing, right down to the stupid Riverfront Plaza name. I respect Lori Boyer, but she moves at a glacial pace and nothing ever comes of her plans. I've been hearing about two-way streets, and Friendship Fountain, and the Times-Union center, etc. for YEARS with no action.

The JTA is full-steam ahead on a clown car idea destined to gimp downtown transportation for years, only stopping to block scooters and bikes from the streets.

I've always felt like the homeless issue was overstated in downtown Jacksonville, but I've never seen more people just laying on the sidewalks zonked out of their minds.

And when the dustle settles, leases come up, and we see where the pandemic left the downtown workforce, I genuinely think it's going to take a decade just to get back to where we were pre-pandemic.

Zodiac was the tipping point for me where I had to emotionally de-invest.

That was a hard one, and so utterly preventable if the city had any idea what it was doing.

As was hearing about some other nonsense that's going on behind the scenes and seeing what's got to be like five different competing groups working in vacuums on radically different plans for downtown.

I go to our offices in places like Atlanta and Nashville and see how vibrant those cities are, and I just don't see a path for Jacksonville to get there in the next 20 years with all the mistakes we've made, and continue to make.

For every positive step forward the private sector makes downtown in good faith, the city finds a way to take two backwards.

Still working downtown five days a week.

Still supporting downtown businesses every lunch and coffee break (check out Back to the Grind on Hogan next to Happy Grilled Cheese; FANTASTIC place, nice dude who runs it, always a line out the door).

Still pestering my local respresentatives and the Council at large about downtown issues.

Hope to be proven wrong, but it doesn't seem like we've got the leadership, cohesive plan, economic climate, or public will to turn this around in the foreseeable future.

When those in charge of revitalizing downtown are patting themselves on the back because fucking Sugar Ray is performing on an empty lawn, in front of a failed hotel, on the ruins of our iconic downtown mall, in 2021, I just can't.

« Last Edit: February 26, 2021, 08:28:35 PM by Ken_FSU »

fieldafm

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Re: Downtown Omni Hotel Sold
« Reply #3 on: February 26, 2021, 08:13:21 PM »
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When those in charge of revitalizing downtown are patting themselves on the back because Sugar Ray is performing on an empty lawn, in front a failed hotel, on the ruins of our inconic downtown mall, I just can't.

Or booking New Found Glory and Quad City DJ's.... both have previously played in Downtown Jacksonville in structures that have been blown up.  NFG at Mavericks (blown up) and Quad City DJ's at Paradome (blown up). 

But Ken, the problem is your negativity.... not the millions of taxpayer dollars wasted, or the people who make good money perpetuating the status quo.

Ken_FSU

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Re: Downtown Omni Hotel Sold
« Reply #4 on: February 26, 2021, 08:25:06 PM »
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When those in charge of revitalizing downtown are patting themselves on the back because Sugar Ray is performing on an empty lawn, in front a failed hotel, on the ruins of our inconic downtown mall, I just can't.

Or booking New Found Glory and Quad City DJ's.... both have previously played in Downtown Jacksonville in structures that have been blown up.  NFG at Mavericks (blown up) and Quad City DJ's at Paradome (blown up). 

But Ken, the problem is your negativity.... not the millions of taxpayer dollars wasted, or the people who make good money perpetuating the status quo.

It really makes me sad for people like you, and Ron, and Steve Atkins, and VyStar, who genuinely care about downtown and put your own money up in good faith to help move the area forward, only to be hamstrung at every turn by the never-ending bullshit from the city.

It's maddening.

We've got every natural advantage a city could ever hope for, and we can't even pay people to develop downtown or get businesses to relocate here because of garbage leadership and small-town mentality.

MusicMan

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Re: Downtown Omni Hotel Sold
« Reply #5 on: February 26, 2021, 09:01:42 PM »
Hate to say it but it wasn't that long ago (within a year I'm sure) Melissa Ross (First Coast Connect)  had on two former Mayors (one was Delaney) talking about how hot downtown was, especially the waterfront. it was a serious deep pile of shit they were luxuriating in.....

thelakelander

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Re: Downtown Omni Hotel Sold
« Reply #6 on: February 26, 2021, 10:07:51 PM »
Interesting. So we're seriously talking about giving more than $100 million for a 180 room Four Seasons when a 354 room Omni just sold for $35 million....nearly $20 million less than what Omni paid two decades ago? Maybe I'm off my rocker, but none of this makes any sense.
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DTWD_NW904

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Re: Downtown Omni Hotel Sold
« Reply #7 on: February 26, 2021, 11:03:20 PM »
Wow, it seems like Downtown Jax just can't win.

landfall

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Re: Downtown Omni Hotel Sold
« Reply #8 on: February 27, 2021, 07:54:40 AM »
Interesting. So we're seriously talking about giving more than $100 million for a 180 room Four Seasons when a 354 room Omni just sold for $35 million....nearly $20 million less than what Omni paid two decades ago? Maybe I'm off my rocker, but none of this makes any sense.
Its madness, utter madness.

Also agree with Ken, Lori Boyer gets an easy ride, she should thank her lucky stars Curry is there to drain all the attention from her. If she was a football coach she'd have been fired before now. Achieved nothing with no achievements in sight. Not one shovel in the ground. Progress moves at a snails pace and there is never any urgency.  Meetings about meetings. The Jacksonville way.

Adecco won't be the last major company to move ops out this market whilst Curry and Boyer are in charge and achieve nothing, IMO. Stagnationville.
« Last Edit: February 27, 2021, 08:11:48 AM by landfall »

thelakelander

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Re: Downtown Omni Hotel Sold
« Reply #9 on: February 27, 2021, 08:16:19 AM »
I do believe that the revamp of the Downtown Historic Preservation and Revitalization Trust Fund will be transformational for the Northbank. There's a lot behind the scenes that takes time and will play out visually over the next few years. With that said, I wish that would have been a move that happened six years ago, during the height of the boom. Unfortunately, they royally screwed up with the Landing. If the Brown plan would not have been killed, that space would be active by now and anchoring the Northbank during the pandemic. Heck, it would have made the Omni more valuable.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

MusicMan

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Re: Downtown Omni Hotel Sold
« Reply #10 on: February 27, 2021, 09:35:06 AM »
Downtown Jax looks amazing from Lori Boyer's back yard.....

This is not an attack on LB, just sayin all the movers and shakers live a nice distance away, none truly lives downtown, and so they don't have any real skin in the game. At the end of the day they go home to their lovely mansions....etc... which have a great view of the skyline, but not the reality of what downtown is.
« Last Edit: February 27, 2021, 01:23:22 PM by MusicMan »

bl8jaxnative

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Re: Downtown Omni Hotel Sold
« Reply #11 on: February 27, 2021, 01:02:07 PM »

Question, if Khan came to city asking for the same $$$ but with proposal for a riverfront master plan that would create a corridor of green space and paths all along the north bank from main street to Commodore Point, and pledging let's say $25M for JAX parks over 10 years to build it, would it be worth it?




Anyway, not surprised to see the Omni being sold.  Biz travel's been gutted.

WarDamJagFan

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Re: Downtown Omni Hotel Sold
« Reply #12 on: February 28, 2021, 08:34:36 AM »
I've been reading these forums for years now. I have to admit TheJaxon is basically an echo chamber for those who are frustrated/fed up with how the COJ has been managed and governed. Truth be told, I agree with about 95% of what is said here regarding our town's failures. So the question then has to be switched to, 'what can be done'?

There are some sharp people in this forum who seem to have a solid grasp of the inner workings of this city. What kind of action is being taken to reverse the stupidity loop we find this city stuck in? Is anyone here running for office soon? We can raise our fists all we want but I'm getting the sense all we are doing here is just agreeing with ourselves. This isn't a knock on anyone here so please do not misunderstand the premise. I am generally curious as to what sort of actions are being taken to put this city back on the right track.

Tacachale

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Re: Downtown Omni Hotel Sold
« Reply #13 on: February 28, 2021, 11:22:42 AM »
Quote
When those in charge of revitalizing downtown are patting themselves on the back because Sugar Ray is performing on an empty lawn, in front a failed hotel, on the ruins of our inconic downtown mall, I just can't.

Or booking New Found Glory and Quad City DJ's.... both have previously played in Downtown Jacksonville in structures that have been blown up.  NFG at Mavericks (blown up) and Quad City DJ's at Paradome (blown up). 

But Ken, the problem is your negativity.... not the millions of taxpayer dollars wasted, or the people who make good money perpetuating the status quo.

(kisses fingers) Bravo!
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Steve

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Re: Downtown Omni Hotel Sold
« Reply #14 on: February 28, 2021, 10:41:59 PM »
The interesting thing here is not this one sale per se (as Omni also dumped properties on Dallas, Houston, and a few other thriving markets as Omni is looking to focus more on resort type properties it seems), or for that matter (almost) any single decision downtown. It's the collective body of those decisions that combined, is just awful bad.