Inland American Lodging Group, a subsidiary of Inland American Real Estate Trust, has acquired the 21-story, 285-room Loews New Orleans for US$74.5 million, or approximately US$261,000 per key.
Loews Hotels & Resorts will continue to manage the hotel, which was converted from an office tower and opened in 2004. It includes 17,000 sq ft (1,579 sq m) of flexible meeting space with city and river views, a fitness center, full-service spa with a lap pool, a business center, the Swizzle Stick Bar and Café Adelaide.
The Loews New Orleans represents the ninth hotel acquired by Inland American this year and the first Loews-managed hotel in its portfolio.
“With its premier location near all of New Orleans’ demand drivers, coupled with its superior amenities, the Loews New Orleans is well positioned to continue its excellent performance in the market,” said Marcel Verbaas, president and CEO of Inland American Lodging Advisor. “We look forward to working with Loews to further enhance the asset and its competitive position and profitability.”