Posted on: October 11 2013 | Posted in: Latest NewsAnna Whitlow for Northview Hotel Group
NEW ORLEANS - October 11, 2013 - Northview Hotel Group, in partnership with
a fund managed by Apollo Global Management, LLC (NYSE:APO), has acquired The
Queen & Crescent Hotel, at 344 Camp St. in New Orleans, LA. The acquisition
marks the partnership's second hospitality joint venture in six months.
The Queen & Crescent is located in New Orleans' Central Business District
just three blocks from the French Quarter and features 196 guestrooms and
2,600 square feet of meeting space. The REO property was acquired by the
partnership directly from the servicer. Northview's plan is to execute an
extensive renovation of the hotel in 2013 and 2014, and to re-open as a
completely repositioned hotel in Fall 2014. NVHG Management, Northview Hotel
Group's operating arm, will operate the Hotel and oversee the completion of
the renovation project.
Commenting on the acquisition, Northview Partner Simon Hallgarten said: "The
purchase of the Queen and Crescent represented a unique opportunity to
acquire an underperforming hotel located in the heart of one of the most
vibrant lodging markets in the U.S. Over the next 12 months, we plan to
execute a transformative renovation and strategic repositioning plan, which
in conjunction with the installation of our management personnel, tools, and
systems, we believe should maximize the value of the asset."
The Queen & Crescent purchase marks Northview's fourth acquisition since
mid-2012. "Northview continues to see attractive value-add investment
opportunities in the U.S. lodging market. We plan to expand our portfolio
aggressively in the next 12 months," adds Northview Partner, Matt Trevenen.
In May, 2012, Northview acquired Sanderling Resort & Spa, a picturesque
oceanfront resort in the Outer Banks of North Carolina. In September, 2012,
the firm acquired the Sheraton hotel in downtown Raleigh, North Carolina. In
February, 2013, Northview partnered with a fund managed by Apollo Global
Management, LLC to acquire The Beach House Hilton Head, a beachfront hotel
in Hilton Head, South Carolina. All four transactions include a major
renovation component and a strategic re-positioning program implemented by
Northview's construction management and operational teams.