Wischermann Partners, Inc. and Jayshree Hospitality LLC, owned by Kishore “Mike” Motwani, are co-developing a proposed 21-story, 373-room hotel at the corner of Canal and Tchoupitoulas streets.
The property would operate under the Marriot Hotel brand, although if look closely the rendering actually shows a Ramada Inn and a Springhill Suites.
The hotel tower would also include a food and beverage concept and a 168-space parking garage
400 Canal spans the entire block from Magazine St. to Tchoupitoulas St. with approximately 220 ft of frontage on Canal St. The current footprint for the property is approximately 49,661 square feet with approximately 130,500 square feet of existing improvements. According to a real estate listing for the property, the owners claim that the developers would have the ability to create from 255,000 square feet up to 1,000,000 additional square feet of improvements. CityBusiness reports that the developers hope to break ground on the project by the end of this year with an 18-month construction time frame and represent that the development would create more than 1,000 construction jobs, 350 full-time jobs and produce roughly $3 million in sales taxes annually.
Jayshree Hospitality LLC is a New Orleans-based company owned by Motwani and Wischermann Partners is a hospitality developer based in Minnetonka, Minn.
The development group is reportedly seeking approval to demolish four buildings along Tchoupitoulas Street and a ground-level parking lot on Canal Street.
The building was once rumored to be the site of a proposed Hard Rock Hotel several years ago, before the deal fell apart at the last minute.
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