Another Downtown Hotel Trades: Hotel 504 on Canal Street Sells for $20 Million

by • December 3, 2015 • Acquisitions, Hotel & HospitalityComments (1)2979

Photo of Hotel 504 via Orbitz.com

Photo of Hotel 504 via Orbitz.com

The InSite Group, a real estate investment firm based in Fort Lauderdale, Florida, has purchased the recently rebranded Hotel 504 at 1300 Canal St for $20 million.

The 157 key hotel had been the Clarion Inn & Suites since 1997, when the seller, Kahn Properties, Inc. of Metairie, purchased it from Tulane for 1.1 million.

The transaction was part of a simultaneous transaction that included the purchase of two other hotels in Tampa and Orlando.  This is the InSite Group’s first asset in Louisiana.

Kahn switched flags earlier this year after undergoing a renovation.

 

 

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One Response to Another Downtown Hotel Trades: Hotel 504 on Canal Street Sells for $20 Million

  1. […] selling to a new owner last year for $20 million, the former Hotel 504 is now being rebranded as a B […]

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