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Article: OMNI HOTELS RETURNS TO U.S. OWNERSHIP AS TRT HOLDINGS COMPLETES $500 MILLION PURCHASE
- Article from:
- PR Newswire
- Article date:
- February 29, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Texas-Based Company has Plans for Growing 4-Star Chain
CORPUS CHRISTI, Texas, Feb. 29 /PRNewswire/ -- Omni Hotels Corporation was purchased today by TRT Holdings, Inc., from Hong Kong-based Wharf (Holdings) Ltd., for the announced purchase price of $500 million. The deal includes nine upscale hotels, management contracts or franchise agreements on 26 others, and the rights to the Omni Hotels brand worldwide, excluding Asia.
TRT said it intends to begin flag conversions of its seven existing upscale hotels, primarily located in Texas, to the Omni Hotels brand. Initial plans call for five hotels to be converted within the next six months beginning with TRT's ...