Interwest entered into a contract to purchase the asset from its prior owner, who was in default on the underlying debt and faced with an eminent bankruptcy to protect the equity in the asset. While under contract, an agreement was negotiated to assume and bring current 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. Interwest was able to grow NOI by over 85% and established the property as a premier hotel at the New Orleans Convention Center.