Whitney Wyndham Sells for $10.5M
By Eliza Theiss, Associate Editor
New Orleans real estate developer, investor and hotelier Joe Jaeger has picked up The Whitney Wyndham Hotel at 610 Poydras St., paying $10.5 million for the asset, reports Canal Street Beat.
The 93-key downtown property was previously owned by a partnership controlled by Robert Weinmann, a Metairie business owner, and Paul Flower, chief executive at Wood Design + Build. The previous ownership had purchased the property from Whitney National Bank in 1999 for $2.5 million and converted it into a hotel.
The 93-key, eight-story former bank building is a National Historic Landmark and a recipient of the 2013 Trip Advisor Certificate of Excellence Award. It combines traditional architecture with modern design. Amenities include more than 35,000 square feet of customizable meeting space, with its largest event space seating totaling 1,200 and one meeting room located in the original bank vault. Further amenities include a business center complete with audio-visual equipment, a full-service fitness center, valet parking, a lobby bar, a coffee shop, Wi-Fi throughout the property and on-site restaurant Bistreaux at the Bank, serving original Creole fare.
According to Canal Street Beat, Joe Jaeger owns or has stakes in several downtown New Orleans hotels, such as the Wyndham Riverfront Hotel, Hotel Mazarin, Bourbon Orleans Hotel and Crowne Plaza New Orleans, among others. Jaeger also own the MCC Group, a mechanical contracting firm.
In other hospitality news, New Orleans hotels have voted to impose a 1.75 percent extra room charge to generate income for city infrastructure projects and tourism promotion, reports The Times-Picayune. The charge will kick in on April 1 and apply to New Orleans Convention and Visitors Bureau-member hotels, except eastern New Orleans locations. Seventy-five percent of the tax will be collected by the convention bureau, while 25 percent will go into city coffers to pay for French Quarter infrastructure repairs and public safety. The convention bureau will spend 75 percent of its share on domestic marketing, such as promoting the city as a convention destination and to attract additional air travel service, while the remainder will go toward international marketing efforts.
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Image courtesy of The Whitney Wyndham via FacebookTags: Acquisitions/Dispositions, Architecture/Design, Bourbon Orleans Hotel, Brokers, convention destination, converted bank building, Crowne Plaza New Orleans, Developers, Development, downtown New Orleans hotel, economy, Finance/Investment, Financiers, historic building, Hospitality, Hotel Mazarin, hotel room tax, infrastructure fund, Investors, Joe Jaeger, Local, Maintenance, marketing fund, MCC Group, Municipal, National, National Historic Landmark, New Orleans, New Orleans hotel acquisition, New Orleans Lead Story, Owners, Paul Flower, Policy, Regional, Robert Weinmann, The Whitney Wyndham Hotel, Trip Advisor Certificate of Excellence Award, Whitney National Bank, Wood Design + Build, Wyndham Riverfront Hotel