Omni to Purchase San Antonio's La Mansion del Rio and Watermark Hotels
Kennedy to Develop Watermark Hotels Nationally
SAN ANTONIO, TX, February 2, 2006. Patrick J. Kennedy, Chairman and CEO of La Mansion del Rio, Inc., and Jim Caldwell, CEO of Omni Hotels, have announced the sale of San Antonio's La Mansion del Rio Hotel and the Watermark Hotel and Spa to Omni Hotels, with the transaction expected to close March 16, 2006. Kennedy will retain ownership of all trademark rights relating to the Watermark Hotel and Spa and its restaurant, Pesca on the River.
Kennedy's management company, La Mansion del Rio, Inc., will pursue the development opportunities for the Watermark Hotel and Spa brand in select locations throughout North America. Kennedy's goal to develop the Watermark Hotel and Spa as a national brand is not without precedent, with internationally recognized names such as the Waldorf=Astoria and the Crillon recently announcing similar plans. "The luxury travel segment continues to flourish and we see opportunities in mixed use development of luxury projects that include hotel, residential and spa components," said Kennedy.
According to Kennedy, the common ground and commitment to excellence that both companies share made sense for each organization. "I have had many offers over the years for the purchase of these two properties," said Kennedy. "However, we share a bond with Omni in our Texas roots, independence, entrepreneurship and, most importantly, their reputation as one of the world's leading hotel companies. These qualities all factored into the decision to sell these two outstanding hotels to a company that I respect."
The two properties will join Omni Hotels portfolio of luxury hotels and resorts that reflect the distinct character of each city. "The La Mansion del Rio Hotel and the Watermark Hotel have a distinguished reputation, and we intend to carry on this tradition of excellence," said Jim Caldwell, CEO of Omni Hotels.
"We have enjoyed incredible success over the years with these two great properties and are gratified to know an excellent organization such as Omni Hotels will assume their stewardship," said Kennedy. "Throughout our ownership of these hotels, the importance of preservation and the passion we have for this great city have been evident to all who have stayed here. We know Omni shares this passion and feel these two world-class hotels are in extremely good hands."
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