Omni officials give scoop on hotel deal

Tuesday, October 12, 2010 at 12:43am

Officials from Omni Hotels are scheduled to appear before the Metro Council on Tuesday during an information session on the proposed convention center headquarters hotel.

The joint committee meeting, set for 4 p.m., is to be conducted by the council’s Budget and Finance and the Convention, Tourism and Public Entertainment Facilities committees. Council members Megan Barry and Rip Ryman chair the committees, respectively.

Metro’s nine-member Convention Center Authority last week signed off on an intergovernmental agreement with Omni, which establishes a public-private financing deal, and the site plan for the new hotel which will be situated along Fifth Avenue South to anchor the $585 million Music City Center.

The agreement now awaits approval from the council, which will take up the matter at its Oct. 19 meeting through a single vote resolution.

The cost of the new Omni Hotel is projected to be $273 million. Under the plan approved by the authority, Metro would pay Omni $25 million in tax-increment financing in 2011, and another $103 million over 20 years from revenue generated by the hotel through tourist-targeted taxes. Omni would cover the rest of the cost.

The 260-foot tall hotel would include four restaurants, 560 parking spaces, 60,000 square feet of meeting space, a spa and fitness center, and a sky bridge connecting its fourth floor to the convention center, among other features.

One question some council members may have for Omni executives involves a possible physical connection between an expanded Country Music Hall of Fame & Museum and the hotel.

Mayor Karl Dean and other project leaders have discussed the physical tie-in, but an agreement between Omni and the museum still hasn’t been hammered out.

13 Comments on this post:

By: JeffF on 10/12/10 at 8:35

Don't forget the 60% property tax discount which should equal about $2.1 million more per year as well as the shifting of MCC costs to the general fund since the "tourism" taxes originally meant for the MCC debt maintenance will now go to the hotel (probably another $5-5 million annually).

By: producer2 on 10/12/10 at 9:19

The costs were mentioned in the article. Yours are not additional.

By: JeffF on 10/12/10 at 9:40

no, it did mention the additional cost of diverting of the revenue stream approved just a few months ago. it mentioned they would be getting them but not that WE would be backfilling. Also doesn't mention that the 60% would otherwise be covering the additional government services that will be backfilled by, you guessed it, US Nashvillians.

Being a progressive city on the hill apparently hurts and never pays off. Sure am glad we have the tourism people defining what it takes to be world class. Ignore those various rankings putting our suburbs on top livability lists,

By: TITAN1 on 10/12/10 at 11:33

Jeff, Metro just called and said they found your horse and buggy you reported stolen.

By: JeffF on 10/12/10 at 1:37

A supporter of an industry slowly dying for the last 12 years should not be labeling others as past their prime. Put down your party planning cocktail dress and read up on some actual economics and statistics from the real world. Cities relying on meetings and tourism are doing so because the rest of the world has left them behind and decided to be successful at important things with actual payoffs to "investment".

It is time that the meeting planners and hotel owners get off their street corners and join us in making Nashville a great city, rather than just a tourist attraction for them to sell their wares without paying rent.

Do you have a vision that does not include just marketing to tourists? I do. Trust me there is a lot more ROI potential from investing in Nashville and Nashvillians than tourism will ever have. It is time to decide, who deserves the money, Nashville or the tourists and the hookers who love them?

By: producer2 on 10/12/10 at 2:32

Run for office or shut up....

By: JeffF on 10/12/10 at 4:08

Same for you Maam.

By: producer2 on 10/12/10 at 4:45

I am not making these statements:
"Do you have a vision that does not include just marketing to tourists? I do."
Although I might take a stab at a certain Council seat coming available. Unfortunately the MCC will be slightly out of my district. But with my pro business background, I should find plenty of support don't you think?

By: JeffF on 10/12/10 at 4:54

You are far from "pro business", you are "pro tourism" which is not really a business, just a poverty program, sort of like MDHAs housing programs and many Federal welfare programs. Tourism closed businesses to get the land for the convention center non business.

By: JeffF on 10/12/10 at 4:56

Maybe if you focused on the 14 industries larger and more important that hospitality/meetings you could get that "Pro Business" label. You do not even have to focus on all of them. Choose a half dozen or so actual business industries and go with them.

By: producer2 on 10/12/10 at 5:38

I guess that means you won't be my campaign manager.....

By: yucchhii on 10/13/10 at 12:52

All of you NEED TO "SHUT UP"!! Politicians have "redefined" politics. Politics is to be sneaky, cowardly and to be underhanded!!! Mayor DINK is a PRIME example of that! Since he came into office, this city has been doing a lot of suffering. Business downtown has DWINDLED down from the way it USED TO BE! There is NO WHERE's near the business there was! 2nd ave north is a ghost town compared to what it USED TO BE! He's KILLED a LOT OF BUSINESS!! He's doing NOTHING to help the "HOMELESS"! I don't want to hear from the IDIOTS that don't give a dam about the homeless...I have select words for you and I promise you DON'T want to know what they are!!! Mayor DINK is destroying this city!! There was a concention center in Virginia Beach that was torn down and rebuilt costing MANY MILLIONS of $$$. Then they said they needed a hotel next to it...There was already a "DOUBLE TREE HOTEL about a 30 second walk from the convention center, when asked WHY another hotel, they said
"The business people need to go directly into the hotel when it's raining!" Ohhh, POOR BABIES! they never heard of "UMBRELLAS"? Most "HOMELESS" people DON'T have an "UMBRELLA"!!! The point i'm making here is...The nasville music city convention center is money is just waistful spending. The same for the hotel! As it is, the other hotels around the area had LAID OFF WORKERS because of the economy, so they're going to WAIST "MORE" money to build something that will only put the city "MORE" in debt! "C'mon people" (Knocking on your head)...HELLO, anyone home up there????

By: dangerlover on 10/14/10 at 6:17

JeffF I'd vote for you. yucchhii, nobody knows or cares what you are talking about.