The KBS Strategic Opportunity real estate trust purchased the Q&C Hotel in New Orleans. The property is located in the city's central business district, and was bought for $51.2 million, the third acquisition of the hotel in two years.
KBS Strategic Opportunity purchased the hotel in a partnership with Dallas-based Encore Hospitality, and plans to rebrand the hotel under Marriott's Autograph Collection. The hotel was renovated last year by the Northview Hotel Group and Apollo Global Management, which bought the hotel in October 2013 to $20.8 million. The 102-year-old building was also purchased in the past by C-III Capital Partners from Warren Reuther Jr. for 12.5 million in January 2013.
The hotel was originally known as the Queen & Crescent, and reopened as the Q&C Hotel in late 2014.