Among
the noteworthy deals of the past week was Gencom’s acquisition of a pair of New
Orleans hotels.
NEW ORLEANS
—Miami-based investor Gencom has acquired a combined 758 keys in The
Ritz-Carlton, New Orleans and the connected Courtyard by Marriott New Orleans
French Quarter/Iberville. The price paid and name of the reported Dallas-based
seller was not announced but industry experts suggested that the hotels could
have sold for more than $200 million.
The 528-room
Ritz-Carlton New Orleans is on Canal Street and features over 48,000 square
feet of premier event space. The adjacent 230-key Courtyard by Marriott French
Quarter/Iberville is located within walking distance of Bourbon Street, the
Caesars Superdome, and the New Orleans Ernest N. Morial Convention Center.
The
acquisition was financed by Monroe Capital, with Eastdil Secured representing
both the seller in the sale and the buyer in the acquisition financing. This
transaction also marks Gencom’s 10th Ritz-Carlton branded project, following
the recent opening of Nekajui, a Ritz-Carlton Reserve in Costa Rica.
Both hotels
have recently undergone transformative multi-year renovations.
Click here
for more on this deal.
To download
our list of deals from the past week in Excel format, click here.