New Orleans hotel sold for $74M
Thu, 2013-10-17 15:14
NEW ORLEANS (AP) — An Illinois-based investment trust has bought a New Orleans hotel for $74.5 million.
Inland American Lodging Group says Loews Hotel & Resorts will continue to manage the 285-room Loews New Orleans Hotel.
The 21-story hotel was sold by WNO Ownership LLC, led by business owners and developers Darryl Berger and Roger Ogden.
“We are very pleased to be adding this luxury hotel to our portfolio,” Inland American Lodging president and CEO Marcel Verbaas said in a statement Monday. “With its premier location and superior amenities, the Loews New Orleans is well positioned to continue its excellent performance in the market.”
Inland American Lodging Group is a subsidiary of Inland American Real Estate Trust.
Orleans Parish Civil District Court records show WNO bought the former office tower for about $6.6 million in 2002 and spent $65 million to turn it into a hotel that opened in 2004, New Orleans CityBusiness (http://bit.ly/168pWzK) reported. Part of that development included the $1 million restoration of the neighboring Piazza d’Italia.
WNO Ownership is keeping two other hotels: the Omni Royal Orleans and Wyndham Riverfront. The Bergers also lead the ownership group that holds the Windsor Court.
“We are proud to have conceived, developed and operated one of the finest hotel properties in the region for the past decade,” Brandon Berger said for WNO.
The hotel has 12 luxury guest suites, 17,000 square-feet of meeting space, a fitness center, a full-service spa and business center. The first floor also includes the Swizzle Stick Bar and Café Adelaide.
Loews is Inland American’s first hotel in New Orleans. The company said it sees no immediate need to renovate or improve on any part of the building.