The City of Raleigh Selects Omni Hotels & Resorts for 550-Room Convention Hotel, Transforming Downtown Skyline and Economic Landscape

Wake County

Raleigh, N.C. (Sept. 21, 2023) – The Raleigh City Council voted
today to direct the City of Raleigh staff to enter into negotiations
with Omni Hotels & Resorts, in partnership with Preston Hollow
Community Capital and Provident Resources Group, to develop the highly
anticipated convention hotel in the core of downtown Raleigh. The
dynamic addition to the Raleigh skyline will be built on an over
one-acre lot across from the Raleigh Convention Center and Martin
Marietta Center for the Performing Arts at the end of Fayetteville
Street. Expected to open in 2027, the Omni Raleigh Hotel will be a
great addition to Omni’s growing portfolio of over 50 luxury hotels.

This will be the third Omni property in the state of North Carolina
and the first for the capital city. The Omni Raleigh Hotel is
anticipated to include 550 guest rooms and 55,000 square feet of
meeting space, which will allow for larger events to take place
downtown and support the growth of the Raleigh Convention Center
expansion. The hotel will also feature several food and beverage
outlets, a rooftop pool, a signature Mokara spa, and a fitness center.

“This is a tremendous opportunity for the City of Raleigh and Wake
County. We’ve been envisioning a new convention center hotel
downtown for years. We are now one step closer to making it happen,”
said Raleigh Mayor Mary-Ann Baldwin. “This opens up endless
possibilities for more conferences, more conventions and more events
at the Raleigh Convention Center. And the economic benefits cannot be
overstated.”

“The market has outgrown the available hotel room blocks within
walking distance of the Raleigh Convention Center, limiting
availability for incoming meetings, conventions, and sports groups,”
said Kerry Painter, General Manager and Director of The Complex, which
manages the Raleigh Convention Center, Red Hat Amphitheater, Martin
Marietta Center for the Performing Arts, and Coastal Credit Union
Music Park at Walnut Creek. Wake County’s Destination Strategic Plan
2028 [3] included a recommendation for a full-service convention hotel
with a minimum of 500 rooms to help increase tourism and promote
economic development for the area. Plans are also underway for a
Raleigh Convention Center expansion. The increase in downtown room
inventory will assist in recruiting larger and more frequent conventions to the area.

“We are thrilled to be joining the downtown community in Raleigh and
are inspired by its continued economic growth. Omni Hotels & Resorts
is committed to providing elevated hospitality experiences that align
with this dynamic destination,” said Kurt Alexander, President of
Omni Hotels & Resorts. “It is an honor to be entrusted by the City
of Raleigh to develop and manage this property while forging unique
and authentic connections with the local community.”

“This hotel is a key piece to Raleigh’s economic development plan
for the area and it’s exactly the type of community priority that we
like to finance because of the opportunities it creates for the
citizens of Wake County. We’re proud to invest our capital and
know-how into this visionary project,” said Ramiro Albarran, Co-Head
of Originations for Preston Hollow Community Capital.

“Provident is honored to have the opportunity to work with the City
of Raleigh and our partners at Omni and Preston Hollow to make this
long-awaited project a reality for this thriving community, and to be
part of the continued evolution of the downtown corridor in the
state’s capital city,” said Chris Hicks, President of Provident.

“We look forward to working with Omni and the City of Raleigh to
tell the story of Raleigh through the design features and themes of this
new property to showcase all our area has to offer,” said Dennis
Edwards, President and CEO of Visit Raleigh. “With Omni’s
expertise in the meetings and the convention market, this new
convention center hotel will undoubtedly boost visitation across all
travel segments and be a welcomed asset to the convention center
campus.”

About the Greater Raleigh Convention and Visitors Bureau (Visit Raleigh):
As the official destination marketing organization for Wake County,
the Greater Raleigh Convention and Visitors Bureau (Visit Raleigh), is
responsible for promoting Wake County as an attractive travel
destination and enhancing its public image as a dynamic place to live
and work. Through the impact of travel, the organization strengthens
the economic position of and provides opportunities for people
throughout Wake County. Raleigh, N.C./Wake County welcomes nearly 18
million visitors annually whose spending tops $3 billion. The visitor
economy supports over 24,500 local jobs in Wake County and generates
$287 million in state and local tax revenues, saving each Wake County
household $601 in taxes annually. visitRaleigh.com [4]

About Omni Hotels & Resorts:
Omni Hotels & Resorts creates genuine, authentic guest experiences at
over 50 distinct hotels and resorts in the most popular leisure and
business destinations across the United States, as well as in Canada.
With 26 iconic golf courses, including multiple short courses, 25
award-winning spas featured in dynamic locales nationwide, every Omni
proudly opens its doors to share the true spirit of its destination.
Omni Hotels & Resorts is the official hotel of the PGA TOUR® and PGA
of America. For information or to book accommodations, visit
omnihotels.com [5] or call 1-800-The-Omni.

About Preston Hollow Community Capital:
Preston Hollow Community Capital is a market leader in providing
specialized impact finance solutions for projects of significant
social and economic importance to local communities in the United
States. The Company invests in bespoke municipal finance transactions
with a diversified investment portfolio. PHCC has invested over $4.8
billion since its inception across various sectors of the municipal
bond market, including real estate, K-12, and higher education,
healthcare, infrastructure, hospitality, general government, and
economic development. Visit phccap.com [6]

About Provident Resources Group:
Provident is a national non-profit organization, formed in 1999,
committed to making a positive impact in communities across the
country through the development, ownership, and operation of
state-of-the-art hospitality, educational, healthcare, and
governmental facilities. With offices in Raleigh and Baton Rouge,
Provident has accessed over $5.3 billion in capital to fund its
mission-based projects in 27 states.

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