HREC Investment Advisors and its HREC Capital Markets Group have arranged the sale and financing of the 319-room Hilton New Orleans Airport in Kenner, LA. The property was acquired by NOLA Airport 319 LLC institutional equity and an entrepreneurial sponsor/operator.
The marketing and negotiations were led by Scott Stephens, senior principal/COO (Tampa office); Len Wormser, SVP, (New Orleans office and Louisiana broker of record); and Ketan Patel, managing director (Washington, DC office). Purchase financing on behalf of the buyer was arranged by Greg Porter, SVP and Mike Armstrong, principal/head, HREC Capital Markets.
“The New Orleans market for hotel acquisitions and disposition is robust and better than most top 25 markets nationwide,” Wormser said. “The value of the hotels in the area has substantially improved over the last five years and is paramount to the recovery of the tourism industry, a boom to the economy of the state. In 2023-2025, New Orleans is expected to recover due to the return of conventions and large-scale events as seen in 2019 levels and continuation of 2019’s leisure demand.”
Stephens said, “HREC’s national platform of 22 offices along with its deep and personal connections to qualified institutional buyers proved vital in the successful execution of this first class, full-service lodging transaction.”
The Hilton New Orleans Airport’s location is across the street from the airport’s rental car facilities and five miles away from the entrance of the new Louis Armstrong International Airport Terminal. The property is close to the French Quarter, the Garden District, the Riverwalk Marketplace and the Ernest N. Morial New Orleans Convention Center. Additional room night demand is driven by major events held in the Caesars Superdome and Smoothie King Center. Tulane University and the Loyola University of New Orleans are also close to the property.