VALUE ADDED BY INTERWEST CAPITAL
Interwest, through one of its operating partners, entered into contract to purchase the asset from its prior owner who was in default on his underlying debt and faced with an eminent bankruptcy to protect his equity in the asset. While under contract, an agreement was negotiated to assume and bring current the underlying debt. Additionally, a long term franchise agreement with Hyatt Hotels was negotiated to become the first Hyatt Place hotel in the New Orleans submarket. Post-acquisition an extensive renovation was undertaken to transform the previously distressed asset into a premier limited service convention center hotel.
Address
881 Convention Center Blvd, New Orleans, LA
Size
170 Rooms
Acquisition Type
Real Estate. Loan Modification and Assumption.
Status
Resolved
Description
Built in 1995, the hotel is located in the Warehouse/Arts District of New Orleans across the street from the front door of the 1 million sf Morial Convention Center. The hotel underwent an extensive renovation and was put under a franchise agreement with a major brand in early 2012.
