by CSB Staff •
September 7, 2017 •
Central Business District, Hotel & Hospitality •
Comments (0) •
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.
Berger plans an extensive renovation of the Westin including a full renovation of the guest rooms and public spaces, including the 11th floor lobby. The hotel was purchased from the Blackstone Group, a New York-based investment firm.
The hotel will continue to be operated under the Westin flag, but will be operated by HEI Hotels & Resorts, a Connecticut-based national hotel management firm that operates more than 70 properties. HEI is taking over from Interstate Hotels & Resorts.