le meridien new orleans
Stonebridge Companies in Partnership With Walton Street Capital Acquires Le Méridien New Orleans
Stonebridge Companies | January 8, 2020
Stonebridge Companies, a Denver-based, privately owned, innovative hotel owner, operator and developer, in partnership with an affiliate of Walton Street Capital, L.L.C., has acquired the 410-room Le Méridien New Orleans hotel. The acquisition is the group’s third in the New Orleans market and second in just over 12 months, having purchased the Embassy Suites by Hilton New Orleans in late 2018. Le Méridien is located in the heart of downtown at 333 Poydras Street and is just steps away from Harrah’s New Orleans Casino, the legendary French Quarter, Bourbon Street and the renowned Warehouse Arts District. The property also provides co...
Park Hotels & Resorts Inc. Closes Sale of the Le Meridien New Orleans for $84 Million ($205 per key)
Park Hotels & Resorts | January 2, 2020
TYSONS, Va.--Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 410-room Le Meridien New Orleans (the “Hotel”) located in New Orleans, LA, for gross proceeds of $84.0 million, or $205,000 per key before customary closing costs. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 5.0% capitalization rate on the Hotel’s projected 2019 net operating income, or 17.1x the Hotel’s projected 2019 EBITDA. Proceeds from the sale of the Hotel will be used to repay a portion of Park’s unsecured indebtedness. Including the sales of the...
