Memo to Council: So Far, the Downtown Omni Hotel Has "Exceeded Financial Projections"
Contained within the stack of memos the City Manager's Office dispatches to media every Friday night was the one you'll find below from Assistant City Manager Ryan Evans, who gets an assist from Ed "The" Netzhammer, managing director of the downtown Omni. Say both, no doubt whilst hoisting stiff brown drinks and toasting Tom Leppert and Harlan Crow, the convention center's been far more profitable than they ever, ever imagined -- at least so far, but so what, because it's so good.
Netzhammer provides the 90-day statement comparing forecast to actuals; as Evans sums up, "the first three months of operations at the Omni Dallas Hotel have exceeded expectations." Which were ...?
Well, says Netzhammer, initially they'd projected a loss between the November 11 opening and January 31 -- $577,000 in deficits, to be exact. Only: "The hotel actually made $554,000 in profit or $1,130,000 over the plan," writes Maxwell's Silver Netzhammer. Explains he, among the glowing accolades cribbed from customers' comment cards:
It is customary that opening hotels have a soft opening where issues are corrected and the staff is trained. It is a time where the facility and operation prepares to be at capacity on a more constant basis. During this time period, incoming revenue traditionally does not meet the cost associated with operating the business, and therefore, the hotel records a loss. The Omni Dallas Hotel opened 60 days early during a very slow time in our industry, yet the hotel still exceeded the financial projections.
And to what does he attribute the unexpected good news? Well, the American Library Association's visit, for one. The details below.
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