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Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) announced today that it has completed the acquisition of the 226-room Le Pavillon Hotel for total consideration of $62.5 million in cash ($277,000 per key). Located in the thriving New Orleans, LA market, the hotel features approximately 7,800 square feet of meeting space across nine rooms. At closing, Remington Lodging assumed property management. The Company also closed on a $43.75 million non-recourse mortgage loan to finance the acquisition
Today, the City of New Orleans announced plans to complete the redevelopment of the historic St. Roch Market located at 2382 St. Claude Avenue. The City, through its public benefit corporation the New Orleans Building Corporation which manages the St. Roch Market, has selected Bayou Secret, LLC to operate the building. Bayou Secret is a company which includes founding members of Launch Pad, an entrepreneurial workspace founded in 2009 in the Central Business District. Bayou Secret’s redevelopment plan for St. Roch Market includes operating a fresh foods market utilizing multiple vendors along with a neighborhood restaurant. The City recently completed at $3.5 million renovation of the building which was damaged during Hurricane Katrina.
NEW ORLEANS, LA - November 18, 2013 - (RealEstateRama) -- On Friday, December 13, the City of New Orleans will auction five City-owned properties in the City Hall Council Chambers at 10:00 a.m. The Department of Property Management through the Division of Real Estate and Records will conduct the auction. Registration begins at 9:00 a.m.