Baton Rouge, Louisiana – Hotel Indigo and Baton Rouge developers, Brace B. Godfrey, Jr. and John Schneider, has announced the commencement of renovations to the former Hotel King property in downtown Baton Rouge. Scheduled to open in late 2010, the 48,000 square feet building will become a 93-room Hotel Indigo.
Hotel Indigo is an upscale boutique brand that delivers a refreshing and inviting guest experience that is truly reflective of the local community. From the locally-inspired murals to the renewal program where the images, music, scent, and menu items change through out the year, Hotel Indigo gives guests a vibrant, engaging and genuine boutique experience.
Conveniently located at the corner of Convention and Lafayette streets across from the Shaw Center and the Capital Hilton Hotel, the Hotel Indigo Downtown Baton Rouge Riverfront will highlight Baton Rouge’s rich cultural, art and entertainment history throughout the seven-story building.
“The renovation of the Hotel King is so important for downtown Baton Rouge’s growth potential,” said Pam Breaux, secretary, Department of Culture, Recreation & Tourism for the State of Louisiana, “It’s another great example of the economic potential when culture and commerce meet. In this climate, I know securing the funding has been a significant challenge; congratulations on clearing that hurdle.”
Acquisition and construction financing for the $25 million project results from private equity sources being blended with funding from federal and state Historic Tax Credits (HTCs) and federal New Market Tax Credits (NMTCs). The National Registry of Historic Places-designated structure has received an allocation of federal NMTCs from the National Trust Community Investment Corporation (NTCIC).
The community development division of U.S. Bank – U.S. Bancorp Community Development Corporation – is participating as the purchaser of both the federal HTC and NMTCs. Stonehenge Capital Company, LLC, headquartered in downtown Baton Rouge, is participating in the financing through the purchase of the state HTCs.
The Hotel Indigo Downtown Baton Rouge Riverfront is owned by Project King, LLC and managed by Nu Vieux LLC, a Baton Rouge-based hospitality company, in a license agreement with a company in the InterContinental Hotels Group. The project is being developed by Brace B. Godfrey, Jr. and managed by Francis Grayson, two leading African-American businessmen in Baton Rouge. General contractor for the renovation work is Milton J. Womack, Inc.; Coleman Partners Architects, LLC is coordinating the design aspects. McGlinchey Stafford PLLC attorneys, Sam Bacot and Jennifer Chick, have led the legal team.
“This property will be a wonderful example of our Interpret Indigo design platform,” said Mary Dogan, director, Brand Delivery, Hotel Indigo, the Americas, IHG. “The city of Baton Rouge is such a unique destination location and a property like this provides our owners with the opportunity to reflect the unique elements of the surrounding community in the designs of their hotels and preserve the original character of the building. The branded boutique style of Hotel Indigo allows us to offer our guests the conveniences of a branded hotel, while still providing an attractive and inviting atmosphere.”
The hotel will feature inviting guest rooms with plush bedding, high-definition flat screen TV, CD player and spa-inspired showers with Aveda products. Hard surface flooring with area rugs will create a fresh residential feel. Dining options will include Phi Bar and Bistro, serving locally-inspired gourmet menu items with a full-service bar. Additionally, the hotel will provide guests complimentary Wi-Fi in public spaces and 24-hour access to the hotel's business center, an onsite meeting space and a fitness studio.
There are currently 31 Hotel Indigo properties open worldwide and more than 60 hotels under development, either in the pipeline or in final negotiation. By the end of 2009, Hotel Indigo is forecasted to almost double its footprint in the Americas by opening properties in New York City, San Antonio, Miami and Asheville, N.C.
With assets of over $6 billion, USBCDC finances community development and affordable housing projects through the use of New Markets Tax Credits, Historic Tax Credits, Low-Income Housing Tax Credits, and Investment Tax Credits in Renewable Energy. USBCDC is the largest New Markets Tax Credit investor in the country, investing billions of dollars nationwide in hundreds of transactions. These equity investments have provided much needed revitalization and new resources to communities throughout the country. USBCDC is a subsidiary of U.S. Bank and U.S. Bancorp. The company operates 2,850 banking offices and 5,183 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.