Nearly five years after purchasing the former Oil & Gas Building for $7 million in downtown New Orleans, developers say they are ready to break ground this month.
Maryland-based hotel firm Baywood Hotels has teamed up with Dallas-based NewcrestImage to convert the former office building into a 176-room Canopy by Hilton. The hotel is scheduled to open in the summer of 2021 according to a press release.
“We are a development company that is very much about preservation, conservation, and adaptive-reuse,” Mehul Patel, chairman and CEO of NewcrestImage, said in the news release. “This new hotel will preserve the past and make it work for the present.”
The hotel will have “a fine dining concept restaurant”, meeting space, and terraces within the historic building which originally opened 1959.
NewcrestImage has 32 hotels under management, including two others in New Orleans. Baywood is a 45-year-old company that owns and operates over $1 billion in hotel assets.