Robert Guidry along with Guidry Land Partners and Orlando businessman David Bansmer have purchased the 410-room Marriott dual-branded New Orleans Courtyard and Spring Hill Suites Hotels located near the Ernest N. Morial Convention Center/Arts and Warehouse District of the Central Business District in New Orleans. The purchase price was $73 million. Other terms were not disclosed. Hospitality Real Estate Counselors SVP Len Wormser and COO Scott Stephens, together with Cushman Wakefield Commercial Real Estate Services, reported the sale.
These AAA located hotels were sold unencumbered by management and fee simple. InterMountain Management has been selected as the new management company, they also operate the buyer's 19-story 232 room Residence Inn on St. Charles Avenue.
"Clearly I am very bullish on New Orleans as with this purchase we now own three hotels with 642 rooms in this city and no doubt in my mind we will add to the portfolio over time," Guidry said in a statement. "This city simply has more to offer visitors than any other in our country."
"This transaction represents the first hotel of any significance sold in the New Orleans CBD French Quarter market in the last 16 months," said Wormser, the Louisiana broker of record. "It was a pleasure working with both the seller and buyer, and HREC looks forward to future transactions with both in the city and elsewhere."
"The New Orleans lodging market is and will experience significant positive tailwinds in 2024-26 anchored by a full convention calendar 2024-2026, highlighted by the Taylor Swift three-night concert in October 2024 and Superbowl returning to the city for the 11th time in February 2025," Wormser added. "These events, coupled with over 120 recurring events and festivals each weekend in NOLA, will increase revenue for the hotel NOLA market double digits 2024-2026 compared to 2023."