An undisclosed buyer has acquired the Baton Rouge Marriott in Louisiana for $21.4 million—the transaction having taken place on an online auction. NOLA.com reports that local developer Mike Wampold bid $13 million for the property but was outdone by the mystery buyer.
According to Paul Williams of The Plasencia Group, which marketed the hotel, the sale will likely be finalized in the next day or so when the winning bidder signs the contract.
Williams added that numerous investors and developers from the area bid, including others from Florida and the Boston area.
The minimum bid was set at $7 million.
The 21-story, 299-room hotel and surrounding property includes about 20,000 square feet of banquet and meeting space, along with a 6,050-square-foot ballroom. The hotel opened in 1976 as a Hilton.
The hotel had earlier been seized from Columbia Properties Baton Rouge Ltd., by CCMS when Columbia Properties owed at least $32.8 million on a $36.5 million promissory note that was signed in 2005. That along with interests and other fees came out to nearly $39 million owed to CCMS.