OM Capital NOLA LLC acquired the 220-room Four Points Sheraton hotel last month at the corner of Veterans Memorial Boulevard and Interstate 10 in Metairie for $11.9 million, according to a report by Nola.com. That puts the acquisition cost at slightly over $54,000 per key.
The new owners re-flagged the property as to a Wyndham Garden.
The buyer is managed by Dipesh Patel, a principal of Fort Myers, Florida based Conor Acquisitions. Conor Acquisitions is a real estate investment company focusing on hospitality. According to the company website, this is their first foray into the New Orleans market.
The seller was 6401 Hoteliers LLC, an entity owned by Texas-based Aramcor, a real estate investment firm with hospitality holdings throughout Texas. Aramcor purchased the property for $6.7 million in 2004.
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