The 410-room, dual-branded Courtyard New Orleans Warehouse Arts District and SpringHill Suites New Orleans Warehouse Arts District, located near the Ernest N. Morial Convention Center/Arts and Warehouse District of the Central Business District, has been sold for $73 million.
Robert J. Guidry, along with Guidry Land Partners and Orlando businessman David Bansmer, purchased the properties. The hotels were sold unencumbered by management and fee simple. InterMountain Management, which operates the buyers’ 19-story, 232-room Residence Inn on St. Charles Ave., has been selected as the new management company.
“Clearly, I am very bullish on New Orleans as with this purchase, we now own three hotels with 642 rooms in this city, and no doubt in my mind we will add to the portfolio over time”, said Guidry. “This city simply has more to offer visitors than any other in our country.”
Len Wormser, SVP, and Scott Stephens, senior principal/COO of Hospitality Real Estate Consultants (HREC), together with Cushman & Wakefield Commercial Real Estate Services, arranged the sale.
Wormser, the Louisiana broker of record, added, “This transaction represents the first hotel of any significance sold in the New Orleans CBD-French Quarter market in the last 16 months. It was a pleasure working with both the seller and buyer, and HREC looks forward to future transactions with both in the City, and elsewhere, stated Wormser.
He continued, “Moreover, the New Orleans lodging market is and will experience significant positive tailwinds in 2024-26 anchored by a full convention calendar for 2024-2026, highlighted by the Taylor Swift three-night concert in October 2024 and the Super Bowl returning to the city for the 11th time in February 2025. These events, coupled with more than 120 recurring events and festivals each weekend in NOLA, will increase revenue for the hotel NOLA market by double digits from 2024-2026 compared to 2023.”
