First Major Hotel Sale Since Early 2023 Signals
Rebound of Hotel Market Sales
NEW
ORLEANS, May 2, 2024 /PRNewswire/ -- 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,
are pleased to announce 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.
For more information about this transaction or the Southeast U.S
Hotel Industry, please contact:
Len Wormser
Louisiana Broker License 995680273-ACT
850-830-4595
lwormser@hrec.com
Visit HREC®'s website at www.hrec.com
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SOURCE Hospitality Real Estate Consultants (HREC)