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n e w s
FOR IMMEDIATE RELEASE
September 7, 2007
For More Information:
Chris Schroder, SchroderPR, 404.872.7289
chris@schroderpr.com
David Songy, Songy Partners, 404.995.8170,
dbs@songypartners.com
SONGY PARTNERS LLC AND OMNI HOTELS PARTNER TO PURCHASE
VACANT 30-STORY HOTEL IN HOUSTON
Vacant since 1988, the Hotel will receive $100 million in Renovations
and will be Re-positioned as a Luxury Omni Hotel
HOUSTON, TX, September 7, 2007 - Songy Partners LLC, in a joint venture with Omni Hotels, has acquired a vacant office tower at Polk and Louisiana streets in downtown Houston for $15 million and will renovate the building, converting it into a 4.5-star Omni luxury hotel.
The 30-story Sheraton-Lincoln Plaza tower, built in 1962 as Houston's first mixed-use hotel and office building, has been vacant since 1988. The redevelopment of the building will cost an additional $100 million.
"Our firm has been investing in the booming Houston market for more than 10 years and this will be the first new, non-convention hotel to open in downtown Houston in a long time," said David Songy, CEO of Songy Partners. "Considering the excellent location and our comprehensive redevelopment, I feel positive this Omni Hotel will set a new standard for luxury hotels and spas in Houston."
Located in the heart of downtown Houston, near the George R. Brown Convention Center, and the new Houston Pavilions project, the redeveloped hotel will feature 400-plus suites, more than 30,000 square feet of meeting space and many fine dining restaurants.
The many amenities of the building will include a complete 13,000-square-foot wellness/fitness center, that will offer a state-of-the-art fitness center with a Mokara Salon & Spa, nutritionists and personal trainers on staff to assist with helping individuals craft the perfect fitness workout.
The Houston Pavilions project is the top destination in Houston for entertainment, retail and mixed-use office hubs, as the House of Blues and Lucky Strike Lanes anchor the development.
Cushman & Wakefield, the broker which marketed the building, selected Songy Partners because of Songy's excellent track record of renovating vacant buildings.
"This project was right down our strike zone, as we have worked to redevelop many vacant buildings and dramatically add value to them," said Jesse Clark, Senior Investment Associate with Songy Partners. "We were already working with Omni in Chicago and we presented this project to them and they jumped at the chance to have a presence - and invest as a partner - in downtown Houston, especially in this building and location."
The renovations on the building are scheduled to begin in December 2007 and the hotel should open by mid-2009.
The Houston project marks Songy Partners and Omni Hotels second venture together, as Songy is restoring the 114-year-old historic Chicago Athletic Association in Chicago at a cost of $100 million, and converting it into a luxury 4.5-star operated by Omni Hotel.
About Songy Partners LLC
Songy Partners LLC (www.songypartners.com) is a commercial real estate firm based in Atlanta, with company offices and projects in Atlanta, Houston, Miami, Mexico City, Knoxville, Fort Myers, Boca Raton, Lafayette, and Dallas. The partnership was formed to acquire, renovate and develop institutional quality real estate projects throughout the United States.
About Omni Hotels
Omni Hotels creates compelling, memorable guest experiences by tempting the senses in innovative ways, surrounding them with a balanced blend of scents, sounds, sights, textures and tastes. Omni Hotels offers luxury accommodations at 45 hotels and resorts in leading business gateways and leisure destinations across North America. From exceptional golf and spa retreats to dynamic business settings, each location features four-diamond services, including award-winning signature restaurants, Wi-Fi connectivity and unique fitness options. Omni's mission for total customer service is further supported by its "Power of One" program that empowers associates to make on-the-spot decisions to meet or exceed guest expectations. Guests can locate hotels and book accommodations by visiting http://www.omnihotels.com or by calling
1-800-THE-OMNI.
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