OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., today announced that it has acquired the 21-story, 285-room Loews New Orleans for a purchase price of $74.5 million, or approximately $261,000 per key.
Loews Hotels & Resorts will continue to manage the hotel. The Loews New Orleans represents the ninth hotel acquired by Inland American this year and the first Loews-managed hotel in its portfolio.
“We are very pleased to be adding this luxury hotel to our portfolio,” said Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. (“IALA”). “With its premier location near all of New Orleans’ demand drivers, coupled with its superior amenities, the Loews New Orleans is well-positioned to continue its excellent performance in the market. We look forward to working with Loews to further enhance the asset and its competitive position and profitability.”
The Loews is ideally located in the heart of vibrant downtown New Orleans near the Central Business District, the French Quarter, the Warehouse/Arts District and the recently expanded New Orleans Morial Convention Center. The hotel was converted from an office tower and opened in 2004, offering 285 guestrooms (including 12 luxury suites), 17,000 square feet of flexible meeting space with city and river views, a fitness center, full-service spa with a lap pool and a business center. The first floor of the hotel also features the popular Swizzle Stick Bar and Café Adelaide, both affiliated with members of The Brennan Family, New Orleans culinary legends and owners of Commander’s Palace.
“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,” added Philip A. Wade, IALA’s senior vice president of investments. “We are thrilled that we have been able to acquire one of the premier hotels in the market.”
About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 95 hotels with 18,608 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of June 30, 2013 Inland American owned 565 properties, representing approximately 41 million square feet of retail, industrial and office properties, 5,186 conventional multi-family units, 6,521 student housing beds and 16,645 hotel rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.