Omni Hotels Partners With JMI Realty To Build Luxury Hotel In Downtown San Diego

Omni Hotels today announced that they have teamed up with JMI Realty of San Diego to develop a new luxury hotel in downtown San Diego. Construction on the $124 million development project is expected to resume this April with an estimated completion date of April 2004.

The Omni San Diego Hotel is located directly across from the recently expanded San Diego Convention Center and will be connected by a sky bridge to the new San Diego Padres Ballpark. Adjacent to the historic Gaslamp Quarter, the 32-story hotel will have 512 guest rooms and 20,000 square feet of meeting space including a 9,750 square-foot ballroom. The top 11 floors of the hotel will consist of 37 luxury condominiums.


“The new Omni San Diego Hotel combines a premiere location with an important destination market in the West and will be a valuable addition to the Omni Hotels portfolio,” said Jim Caldwell, president of Omni Hotels. “In addition, our presence in San Diego will provide the additional guest rooms the city needs to attract larger conventions for the expanded convention center.”


Omni Hotels, continues to work towards expanding their West Coast brand presence. Other West Coast properties include the Omni Los Angeles Hotel at California Plaza that was purchased by Omni Hotels in 2000 and the Omni San Francisco Hotel that will open February 11, 2002 in the heart of San Francisco`s financial district.


JMI Reality, who will be responsible for the development and construction of the project, currently has seven projects underway including four projects in the redeveloping East Village neighborhood of downtown San Diego, one in suburban south San Diego and two projects in the suburban market of Del Mar/Carmel Valley. The company`s Del Mar Marriott Hotel project opened in January 2002.

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“Omni Hotels is an ideal fit for us,” said John Kratzer, president and CEO of JMI Realty. “We were looking for a unique partner that would bring a strong owner`s mentality to their partnership with us. We found it in Omni Hotels, an outstanding hotel organization whose commitment to four-star-plus quality is evident at every hotel they operate, and whose extensive ownership of their hotels results in a strong focus on the “bottom-line.”


Omni Hotels, based near Dallas in Irving, Texas, offers luxury accommodations at more than 40 hotels and resorts located throughout the United States, Canada and Mexico.


Each property in the Omni Hotelsportfolio provides guests with exceptional four-diamond hospitality, personalized service and exquisite decor, creating a distinctive experience at each location. Omni Hotels offers unsurpassed meeting facilities and a wide range of guest services and amenities, including wine, tastings, gourmet dining, state-of-the-art fitness facilities, tours of local attractions, and specialized programs. Through an aggressive expansion strategy, Omni Hotels is steadily entering new markets around the world. Guests can locate hotels, book accommodations or find out more about Omni Hotels by calling 1-800-THE-OMNI or accessing the company`s Web site at www.omnihotels.com.


JMI Realty is a private real estate investment and development company based in San Diego, California. It was organized in 1992 as the real estate subsidiary of JMI Services, Inc., the investment management company of the John Moores Family. JMI Realty currently manages a portfolio of real estate investments whose value exceeds $600 million. These investments reflect a specialization in the multi-family, hospitality and office product sectors, along with investments in real estate companies that are organized to pursue specific product and operating strategies.


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