Inland Pays $74.5M for Downtown Hotel
- Oct 22, 2013
The New Orleans lodging market stays hot even if temperatures are cooling down in the Big Easy. Following the recent purchase of the Queen and Crescent Hotel (details here), another former office asset turned hotel has been acquired. The 285-key Loews New Orleans, located right outside the French Quarter as the Queen and Crescent, has been acquired for $74.5 million by Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc. That roughly breaks down to a purchase price of about $261,000 per key. Loews Hotels & Resorts will stay on to manage the hotel.
“New Orleans has been able to regain its position as one of the top lodging markets in the country over the past few years and as such has been a market we had identified as an acquisition target for some time,” said Philip A. Wade, Inland American Lodging Advisor Inc.’s senior vice president of investments.
Located at 300 Poydras St., Loews New Orleans is in close proximity to the world-famous entertainment district of the French Quarter, the Warehouse/Arts District, the CBD and the recently expanded New Orleans Morial Convention Center. The luxury hotel provides 17,000 square feet of meeting and event space, including the 4,243-square-foot Louisiana Ballroom, 10 meeting rooms ranging from 333 to 1,619 square feet, a 3,944-square-foot pre-function area, a boardroom and the outdoor venue of Piazza d’italia, located next to the hotel. Other hotel amenities include a spa, state-of-the-art fitness center, 50-foot indoor saltwater lap pool, whirlpool, dry sauna, 24-hour full-service business center, the Swizzle Stick Bar and modern Creole cuisine restaurant Café Adelaide, operated by the Commanders Palace Family of Restaurants.
The lodging facility’s 285 keys include 12 suites with panoramic views of the Mississippi, French Quarter or Crescent City skyline. Rooms feature business amenities such as work desks, high-speed Wi-Fi and multiple telephones.
The property was previously an office building and was converted into a hotel in 2004.
Photo courtesy of Inland American Lodging Group via Hotel News Resource