New York real estate investment firm Garrison Investment Group has made its first acquisition in the New Orleans market with the purchase the O'Keefe Plaza Hotel for $10.75 million. The 129-room hotel at 334 O'Keefe Ave. was purchased from the Chauhan and Kansagra families.
The Associated Press reports that court records had shown a city lien had been placed on the property in May for unpaid sales and use taxes dating back to 2006. Laxmi Hotel LLC, the ownership entity, owed $58,250 in taxes. With interest, penalties and audit costs added, the debt comes to $108,815.
Garrison's holdings include 22 hotels in 11 states, 26 industrial properties, 15 office buildings and a retail portfolio with 40 properties in 15 states.