New York Investor Acquires Both Renaissance Hotels For $35 Million

by • January 16, 2015 • NewsComments (0)2391

Photo of the Pere Marquette Hotel via Marriott.com

Photo of the Pere Marquette Hotel via Marriott.com

New York real estate investor Richard Hadar, through his company Richard Hadar Funding, has purchased the Renaissance New Orleans Arts Hotel at 700 Tchoupitoulas St. and the Renaissance Pere Marquette Hotel at 817 Common St. for nearly $35 million, according to city records.

Clearview Hotel Capital was the seller of both hotels, which had recently acquired them in 2013 for roughly $20 million (Renaissance Arts) and $10 million (Pere Marquette).

Hadar, paid $20.5 million for the 272-room Renaissance Pere Marquette (just over $75k/key) and $14.25 million for the 210-room Renaissance New Orleans Arts (just over $67k/key).

Both properties are under the Marriot Flag.

 

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