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Ramada by Wyndham New Orleans
HVS presents the opportunity to acquire the 118-room Ramada by Wyndham New Orleans, an economy hotel asset in New Orleans, Louisiana. With the extensive updates completed in 2019 and a subsequent refresh in 2021, the change-of-ownership PIP is expected to be minimal. Following its relatively recent renovation, and given the absence of management encumbrances, this hotel asset is well positioned for a straightforward transition to new ownership.
Excellent Location near Strong Leisure & Corporate Demand Generators
The property is conveniently located northwest of the U.S. Highway 90 and Interstate 10 interchange, within five miles of New Orleans’ most popular tourist attractions, such as the French Quarter District, Jackson Square, St. Louis Cathedral, and Bourbon Street, and just a 15-minute drive to/from Downtown New Orleans.
The property is situated a mere two miles from the Port of New Orleans’ $1.8-billion expansion, a project poised to create over 17,000 jobs by 2050 and bolster the regional economy.
New Orleans’ Innovative Economy
In addition to its many tourist attractions and ongoing demand for labor, New Orleans has a promising five-year outlook, as it is continuously able to attract new and diverse events to support the local economy and hospitality industry.
Cost-Effective Investment with Operational Upside
The property is available at a price below its replacement cost, presenting a cost-effective investment opportunity.
Despite occasional disruptions to its operations, the hotel achieved a remarkable 131.0% occupancy penetration index in 2022.
This offering presents an ideal opportunity for a more “hands-on” operator to improve operations and increase NOI flow-through.
Well-Maintained Asset
As noted previously, the property underwent a renovation in 2019 and received select updates in 2021, including new case goods and softgoods throughout the guestrooms, new furniture in the lobby, and new equipment for the fitness room.
Unencumbered by Management Agreement
This hotel asset is being offered free and clear of any management encumbrances, providing an investor with the flexibility to revamp operations.
For inquiries please visit here to execute the Confidentiality Agreement.
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