Doubletree Hotel Acquired for $85 Million ($232,000/key)

by • February 4, 2015 • Acquisitions, Central Business District, Hotel & HospitalityComments (0)3493

Photo via Hilton.com

Photo via Hilton.com

The Doubletree New Orleans near the foot of Canal Street has been acquired by Walton Street Capital for $85.25 million, or $232,000 per key.

According to the Orleans Parish records, the deal included $72.8 million in loans from Starwood Property Mortgage.

Walton Street Capital recently purchased another Double Tree Hotel, paying $70 million for the Nashville Double Tree Hotel in July 2014.

The Doubletree New Orleans at 300 Canal Street was built in 1973, stands 17 stories high, and was designed by architect George Saunders.

The seller was Canal Street Property LLC, whose registered agent is Christopher D. Schott of Metairie-based hotel management firm Expotel Hospitality.

 

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