Omni Hotel Kansas City, Missouri
In 1995 IAS acquired the 29-story 500-room closed Holiday Inn in downtown Kansas City, Missouri adjacent to the Convention Center.  The Redevelopment consisted of major renovations of the structured parking – all common areas, all guest rooms and baths, including converting 176 rooms into 88 luxury two-room suites – all new FF&E, including 2 restaurants and a lobby bar.

Financing for the redevelopment arranged by IAS consisted of:

            a. Secured First Mortgage by TIF Revenues      $13,500,000
                and a Kansas City, MO unconditional
                guarantee                                                  

            b.  Mezzanine Debt provided  by                          $4,900,000
                 major institutional investor

            c.  Private Equity                                                      $1,200,000

                                                                             _________________
                                                            Total                $19,600,000

The total cost of the development was $19,600,000.  Nine months after completion the hotel was sold for $27,000,000 to a publicly traded Hotel Real Estate Trust.