PHG buys the AC Hotel New Orleans

An affiliate of Pacific Hospitality Group in Irvine, Calif., bought the AC Hotel New Orleans from an affiliate of Dallas-based NewCrestImage.

This is the first property for PHG outside of California.

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Terms weren’t disclosed but industry sources told the Orange County Business Journal the price was about $60 million, or roughly $273,000 per room, for the 220-room hotel.

Supreme Bright New Orleans paid $17.8 million to buy the property in 2013, and put another $18 million into the renovation.

The New Orleans location is the first AC Hotel to open in the U.S. It’s in the city’s French Quarter in a 95-year-old building that originally housed a bank serving the cotton trade.

An AC Hotel at Irvine’s Park Place development is being built by Dallas-based Woodbine Development Corp.