New Orleans-based HRI Properties and Ohio-based Rockbridge announced today (Dec. 1) that they partnered to purchase the 155-key Country Inn & Suites at 315 Magazine Street. Records show that the price tag was $39,000,000, 0r $251,000 per key.
HRI has developed over $2.5 billion in projects since its founding in 1982, including hotels, apartments, office, retail, and condominiums.
Ohio-based Rockbridge, specializes in hotels, and currently has more than 48 hotel assets across the country, including the Fairfield Inn & Suites at 346 Baronne Street.
HRI Lodging, a subsidiary of HRI, will manage the 155-key hotel. The new owners plan “major renovations and repositioning” early next year, with renovations scheduled to be complete by end of 2017.
“We have an opportunity to create a unique and special property in a first-rate location,” Rockbridge CEO Jim Merkel said in a statement. “The building’s rich history and distinctive architecture will enable us to develop one of the best hotels in New Orleans.”