HREC arranges sale of New Orleans' Whitney Hotel

March 15 2022 | Latest News

HREC arranges sale of New Orleans' Whitney Hotel

By Esther Hertzfeld

Mar 15, 2022 09:20am

The Whitney Hotel in New Orleans is in a historic building originally built in 1870. HREC Investment Advisors has arranged the sale of the 93-room Whitney Hotel location in New Orleans. GBX Group, based in Cleveland, acquired the property for $16.9 million.

HREC Investment Advisors exclusively represented The MCC Real Estate Group on this transaction. The marketing and negotiations were led by SVP Len Wormser in HREC Investment Advisors’ New Orleans office; Ketan Patel, managing director, in HREC Investment Advisors Washington, D.C. office; Barry Swanson, SVP; and Michael Salloway, VP, both located in HREC Investment Advisors Atlanta office.

“This property has one of the most spectacular lobbies of any hotel in New Orleans and is ideally positioned to compete with the new boutique hotels in town once the property is totally renovated,” Wormser said in a statement.

 The Whitney Hotel is in a historic building that was originally built in 1870 and was renovated approximately 24 years ago. The property is squarely positioned less than a 10-minute walk to the convention center, French Quarter and Superdome. Approximately 10 million square feet of Class A office space with an occupancy of 92 percent are within a two-block radius.