Garnet Hotels has acquired the 292-room Clarion Hotel New Orleans – Airport & Conference Center from a group of local Investors for an undisclosed amount.
As the new owner, Garnet plans to keep the current Choice brand for the property, which is undergoing a renovation. The company is retaining many key employees, including the GM, who has worked at the property for many years.
Miam-based Garnet owns 20 hotels nationwide, including two in the greater New Orleans area.
“It has been an absolute pleasure collaborating with the buyer, Garnet, and seller on this opportunity,” said Len Wormser, broker and HREC SVP, the investment advisor for this transaction. “The Property was placed under contract in mid-January and closed in approximately two weeks, just days before the Super Bowl in New Orleans.”
The hotel was originally built and known as the Holidome by Holiday Inn with large indoor recreation areas, a pool and amusements under a dome-shaped roof. It was later rebranded as a Crowne Plaza Hotel, forgoing the pool and converting the space into 15,000 sq. ft. of ballroom/meeting space. During the pandemic, the entire property was leased to Shell Oil, and when it reopened to the public, the owners chose to switch to the Clarion brand.
Wormser said he is confident that in the next five years, the New Orleans market will experience an increase in record ADR, transaction pricing, and occupancy due to the upcoming convention schedule released by New Orleans & Company and Louisiana Office of Tourism.
“The success of Super Bowl LIX is being followed by a robust convention calendar through 2029,” he added. “Mardi Gras, French Quarter Fest, the New Orleans Jazz and Heritage Festival, Zurich Golf Classic and more than 50 local festivals and events annually welcome millions of visitors – and many new investors to take a serious look at hotel opportunities in the market.”
