A California real estate trust has purchased the 12-story, two-building Q&C Hotel in the Central Business District for $51.2 million. This is the third time the hotel has changed hands in the past two years and follows a full renovation overseen by the previous owners.
New owner KBS Strategic Opportunity REIT II, which purchased the property in partnership with Encore Hospitality of Dallas, said it plans to brand the hotel at 344 Camp St. under Marriott International's Autograph Collection, the chain's portfolio of independent luxury hotels. Encore Hospitality will manage the hotel.
The 102-year-old building -- formerly known as the Queen & Crescent -- was fully renovated last year by Northview Hotel Group and Apollo Global Management, which bought the hotel for $20.8 million in October 2013. C-III Capital Partners of New York had previously purchased the hotel from Warren Reuther Jr. for $12.5 million in January 2013.
The property reopened as Q&C Hotel in late 2014.
"We are thrilled to acquire the Q&C Hotel in the dynamic market of New Orleans," KBS Executive Vice President Brian Ragsdale said in a news release. "We believe New Orleans' robust tourism industry coupled with the property's recent renovations will make it a strong asset."
Q&C Hotel has 196 guest rooms and 2,600 square feet of flexible meeting space and houses Q&C Bar, which specializes in craft cocktails and elevated pub food.
As an Autograph Collection property, the hotel can connect to Marriott's worldwide reservation system as well as its frequent traveler program, which has about 54 million members, according to the news release.