The InSite Group, a real estate investment firm based in Fort Lauderdale, Florida, has purchased the recently rebranded Hotel 504 at 1300 Canal St for $20 million.
The 157 key hotel had been the Clarion Inn & Suites since 1997, when the seller, Kahn Properties, Inc. of Metairie, purchased it from Tulane for 1.1 million.
The transaction was part of a simultaneous transaction that included the purchase of two other hotels in Tampa and Orlando. This is the InSite Group’s first asset in Louisiana.
Kahn switched flags earlier this year after undergoing a renovation.