by CSB Staff •
March 15, 2019 •
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Earlier this month, developers associated with Orange Lake Resorts, part of the Holiday Inn family, purchased the 11-story historic Maritime Building in the Central Business District. While the purchase price has not been recorded, several sources tell CSB that the sale price represents one of the highest price per key sales to date in the city.
Timeshare Acquisitions Real Estate, LLC, a company owned by Bert Blicher and Sam Pontius, purchased the historic building built in 1893 as the city’s first skyscraper. The developers plan to renovate the building and re-open in 2020 with 105 time-share villas.
Developer Marcel Wisnia restored and redeveloped the $40 million project after Katrina. Wisnia also developed and recently sold the Saratoga Building to Sonesta, which plans to convert the property into an extended-stay hotel.
Wisnia has two new projects planned in the Warehouse District. The $49 million Stephen’s Garage project at 848 Carondelet will feature 51 luxury apartments, 11 condos, and a 60 car garage and car elevator, and a $34 million “co-living” apartment concept at 867 St. Charles Avenue.
Orange Lake Resorts encompasses 28 resorts and 7,600 villas in the U.S., with more than 340,000 timeshare owners and 5,000+ employees.
Lenny Wormser with HREC Investment Advisers represented Wisnia on the transaction.