June 19 2015 | Posted in: Latest News
ADVOCATE STAFF REPORT
The 226-room Le Pavillon Hotel sold for $62.5 million when it was acquired this week by Dallas-based Ashford Hospitality Trust Inc.
At the time, American Financial Group of Ohio did not disclose the name of the buyer or amount paid for the hotel, other than to say American expected to make about $25 million after taxes from the sale.
Ashford announced the transaction and price late Thursday and also said the hotel is now being managed by Dallas-based Remington Hotels.
The sale price amounts to nearly $277,000 per hotel room.
The Le Pavillon is a century-old luxury hotel in New Orleans’ Central Business District, notable for the tall Italian columns and statues near its Poydras Street entrance. The historic property was built in 1907 and originally was known as the Hotel Denechaud.
Known for many years as the De Soto, it was renamed Le Pavillon following an extensive renovation in 1970. The building was added to the National Register of Historic Places in 1991.