Trending:

Skip Navigation
City of Omaha - Nebraska

City of OmahaOmaha, Nebraska

Text Size   - | +

(July 5, 2018)

The City of Omaha and Freestone Capital Management, an independent wealth advisory and asset management firm with over $4 billion in assets under management, announced today that Freestone and its affiliates plan to acquire The Hilton Omaha.   

Freestone will acquire the hotel via a long-term lease structure and will retain the Hilton brand. 

The new ownership agreement allows the City to pay off its $37 million bond issue with payments made at the closing of the transaction.  The buyers will also be obligated to make lease payments sufficient to meet outstanding related bond payments for the duration of the lease, equivalent to approximately $95 million.

“One of the greatest benefits of this deal is it will reduce the city’s debt obligation to The Hilton Omaha while still maintaining a first class hotel connected to our convention center,” said Mayor Jean Stothert.

The City of Omaha expects the hotel will continue to pay approximately $6 million annually in taxes.  Over the last 14 years, The Hilton Omaha has paid over $66 million in taxes.

Freestone intends to maintain the Hilton’s quality ratings and plans to make select property improvements over time. The City of Omaha and Freestone are excited about the partnership and both parties believe it is the right time to transition the hotel from public to private ownership.

The Hilton Omaha opened in 2004 alongside the CenturyLink Center, which was financed by a $109 million bond issue.  The City originally developed the hotel to support the CenturyLink Center and to encourage related positive impacts for the local economy.

In 2013, the City completed a renovation, expanding to 600 guest rooms, financed by a $37 million bond issue.  Today, The Hilton Omaha is a full-service convention center hotel with a Four Diamond rating.   Having performed its objectives of supporting economic activity and growth for the region, the City of Omaha began a search to divest the hotel in 2017. 

“We look forward to strengthening our relationship within the community through the preservation of the hotel's long standing track record," said Freestone's Erik Morgan. “We plan to carry out incremental improvements to the property and we believe the hotel acquisition provides a unique opportunity for our clients."

The agreement requires approval of the Omaha City Council.

“The vision for this hotel was to build Omaha as a convention and visitors destination and just look what has been achieved,” said Mayor Jean Stothert.

“Next door is the beautiful home of the College World Series. Omaha will host the Olympic swim trials for the fourth time in 2020, the CenturyLink Center is on the concert tour road map. We are proud of the achievements we have made and the plans for our future, especially downtown.  The Hilton Omaha is an important part of that future.”

About Freestone Capital Management

Freestone Capital Management is a Northwest-based wealth management firm that brings together superior client service within all aspects of wealth management and a comprehensive investment approach for clients. Founded in 1999, Freestone has offices in Washington, Oregon and California. 

News and Information

  • Libraries Offer Holiday Break Activities

    2018-12-13 21:00:46

    (December 13, 2018) Winter break from school is often highly anticipated by kids and teens and Omaha Public Library is the perfect place to spend the downtime! Keep young minds active and engaged by checking out bo ...

  • Street Policy Offers First-Time Innovative Option

    2018-12-13 20:54:18

    (December 13, 2018) A policy to provide new funding options for Street Improvement Districts (SIDs) has been developed and sent to the Omaha City Council for approval. The recommended policy includes funding sources for ...

  • Construction Begins on New Shelter to Improve Services ...

    2018-11-29 23:43:25

    (November 20, 2018) Construction is now underway on a new Siena/Francis House shelter designed to enhance service programming, improve security and provide a more dignified shelter within the Omaha community.   ...

  • B-Cycle To Add Dozens of Bike Stations

    2018-11-01 00:30:53

    (October 31, 2018) Heartland B-Cycle will expand next month, adding 34 new bike stations in 20 neighborhoods.  Mayor Jean Stothert and Heartland Bike Share Executive Director Ben Turner made the announcement today. ...

  • Crime Stoppers Offers New Reward

    2018-10-31 23:37:51

    (October 31, 2018) Omaha Crime Stoppers is now offering an enhanced reward to help get dangerous opioids and dealers off the streets of Omaha. A $5,000 Crime Stoppers reward will be paid for tips that lead to the arres ...

  • City Maintains High Bond Ratings

    2018-10-29 22:05:41

    (October 29, 2018) For the fifth year in a row,  Omaha’s bond rating will remain unchanged at one of the highest ratings possible from Moody's Investment Services and S&P Global. S&P Global assigned a AA ...

  • City Seeks Bids for Next Solid Waste Collection Contrac ...

    2018-10-24 18:08:57

    (October 24, 2018) After more than two years of study, public outreach, and coordination with the Omaha City Council, a Request for Bids (RFB) is now advertised for a long-term solid waste contract with the City of Omah ...

  • Emergency Alert Installation Completed in Fire Stations

    2018-10-19 21:53:47

    ((October 18, 2018)) The critical communication system that links the 911 Center to Omaha fire stations is now operational. Voters approved the Douglas County Public Safety Bond issue in 2016, which included funding fo ...

  • "Food for Fines" Begins October 14

    2018-10-03 18:02:27

    (October 3, 2018) Omaha Public Library will accept food donations during the week of October 14-21 to benefit the Alliance for a Better Omaha, a collaborative of Heart Ministry Center, Together, and Food Bank for t ...

  • Traffic Signals Will Remain Near Elementary Schools

    2018-10-02 19:46:31

    (October 2, 2018) Mayor Jean Stothert has approved a new Public Works policy that creates a step-by-step process for removal of traffic signals.  Under this policy, two signals near Dundee Elementary and one near R ...