Photo of The Shops at Canal Place via Hnoc.org
The 437-room, 29-story Westin hotel at the foot of Canal Street has been purchased by the Berger Co, in partnership with Cerberus Real Estate Capital Management, a New York-based investment firm.
The Westin was originally built in 1984 and opened under Britain’s Trusthouse Forte hotel flag, before being converted to a Westin in the late 1980’s.
New Orleans-based Berger Co. has been involved in many of downtown’s biggest hotel deals and a lot of its riverfront development. The Berger Co. currently owns Windsor Court, the Omni Royal Orleans and the Omni Riverfront.
They also recently sold the Shops at Canal Place, five star retail outlet with 260,000 square feet, to O’Connor Capital Partners, a New York-based real estate investment, management and development firm. The sales price was not disclosed, but it was marketed at a 4.5% cap rate, or $200,000,000.