2 minute read
Marriott
May, 2 2024
410 Room Marriott Dual Branded New Orleans Marriott Courtyard and Springhill Suites Hotels Sold for $73 Million
First Major Hotel Sale in the Market Since Early 2023 Signals Rebound of Hotel Market Sales
Len Wormser, Senior Vice President and Scott Stephens, Senior Principal and Chief Operating Officer of Hospitality Real Estate Consultants (HREC), together with Cushman Wakefield Commercial Real Estate Services, announced the sale of the 410 room Marriott dual branded New Orleans Courtyard and Spring Hill Suites Hotels located near the Ernest N. Morial Convention Center/Arts and Warehouse District of the Central Business District. The purchase price was $73 million.
Robert J. Guidry along with Guidry Land Partners and Orlando businessman David Bansmer purchased the properties. These AAA located hotels were sold unencumbered by management and fee simple. InterMountain Management has been selected as the new management company, they also operate the buyer’s 19 story 232 room Residence Inn on St Charles Avenue.
“Clearly I am very bullish on New Orleans as with this purchase we now own three hotels with 642 rooms in this city and no doubt in my mind we will add to the portfolio over time”, said Guidry. He went on to say, “this city simply has more to offer visitors than any other in our country”.
“This transaction represents the first hotel of any significance sold in the New Orleans CBD French Quarter market in the last 16 months,” said Wormser, the Louisiana broker of record. “It was a pleasure working with both the seller and buyer, and HREC looks forward to future transactions with both in the City, and elsewhere, stated Wormer.
“Moreover, the New Orleans lodging market is and will experience significant positive tailwinds in 2024-26 anchored by a full convention calendar 2024-2026, highlighted by the Taylor Swift three night concert in October 2024 and Superbowl returning to the city for the 11th time in February 2025,” said Wormser.
“These events coupled with over 120 recurring events and festivals each weekend in NOLA, will increase revenue for the hotel NOLA market double digits 2024-2026 compared to 2023.”
Wormser representing HREC is the most active Hotel Investment Advisor in the New Orleans and Southeast U.S. market. Throughout his career Wormser and HREC has sold and/or developed over $550 million in closed Lodging transactions (approx. 4,500 rooms) representing approximately 25% of the core New Orleans market. including recent sales of the 220 room Bourbon Orleans at a price of $90 million, and the 309 room New Orleans Airport Hilton located in Jefferson Parish for $53 million.
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