January 21 2015 | Posted in: Latest News
By: Robin Shannon, Reporter, City Business
The steady pace of hotel transactions in the New Orleans area continues into 2015 as another Central Business District property has changed hands.
A Connecticut hotel development firm made its first acquisition in the New Orleans market with the purchase of the 103-room Comfort Inn at 346 Baronne St. for $9 million. The transaction closed Jan. 15, according to Orleans Parish Conveyance records.
The buyer is listed as New Orleans Hotel Equity, which is linked to New Castle Hotels and Resorts of Shelton, Connecticut.
According to a news release, New Castle is planning a $10 million renovation and rebranding of the hotel that is expected to be complete by spring 2016.
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