The Omni Fort Worth Hotel bought its property for $1 million
See full Fort Worth Star-Telegram article by Luke Ranker here.
Omni Hotels and Resorts quietly took ownership of the land under its Fort Worth high-rise.
The Omni Fort Worth Hotel on Houston Street serves as the main hotel for the nearby Fort Worth Convention Center. The $200 million 614-room hotel and 89-unit residential tower opened in 2009 after receiving $50 million in public incentives. Until March, when Omni purchased the land for $1 million, the property was owned by the city of Fort Worth.
The $1 million the city netted is likely to be deposited into a culture and tourism fund and used to enhance the Fort Worth Convention Center, according to a briefing the City Council received Tuesday.
The ownership agreement existed since 2005 when the city agreed to a series of incentives to bring Omni to Cowtown.
The council also agreed to lease the site to Omni for $10,000 a year for 99 years and gave Omni the option to buy the land for $1 million after 10 years.
The property was valued at $13.8 million, but the terms of the agreement stipulated that all but $1 million would be returned to Omni.
Kirk Slaughter, Fort Worth’s public events director, said the money may be used to develop a grab-and-go style restaurant in the convention center.