The asset has been through two ownership changes in the past sixmonths. Originally part of Fort Worth-based Crescent Real EstateEquities Co.'s portfolio, the 20-year-old hotel at 700 San JacintoBlvd. and its neighbor, the 334,664-sf Austin Centre officebuilding at 701 Brazos St. were sold in May to Chicago-based WaltonStreet Capital as part of a $620-million portfoliosale.

Scott Johnson, vice president of acquisitions and developmentfor Omni Hotels Corp., tells GlobeSt.com that Omni's management ofthe Downtown hotel since 1992 gave the impression that the companyowned it as well. Furthermore, Omni Hotels was eager to claim theasset for its own. "So when the opportunity presented itself toown, we figured it was time to buy," Johnson says.

The buy gives Omni Hotels 12 assets in Texas. In Austin, thecompany owns 312-room Omni Hotel at Southpark at 4140 Governor'sRow, about two miles south of the CBD hotel off Interstate 35.Meanwhile, the company is redeveloping a former 700-room SheridanHotel at 711 Polk St., also in the CBD, and will shortly beginconstruction on a 600-room hotel adjacent to the Fort WorthConvention Center at 1201 Houston St.