NewcrestImage Acquires Historic Hotel in New Orleans
NEW ORLEANS, LA - JUNE 13, 2013: NewcrestImage continues its ambitious expansion plans with acquisition of the Cotton Exchange Hotel in the French Quarter of New Orleans. The 223-room property, which is designated a National Historic Landmark, was purchased out of foreclosure through a sealed bid process for $17.8 million.
“We have long considered New Orleans -- which has a thriving economy and last year attracted more than nine million business and leisure visitors -- as being important to our growth strategy and this acquisition enables us to enter that market in an absolutely unique way,” explains Mehul Patel, Chairman and CEO of NewcrestImage.
The hotel features 2,500 square feet of meeting space including a ballroom with 12-foot ceilings and a rooftop pool. It is one block from fabled Bourbon Street and within convenient walking distance of such popular destinations as the Superdome and casinos.
The New Orleans Cotton Exchange operated on the site from 1871 until 1964, with the building undergoing several renovations over the years. Today, the hotel features numerous impressionist paintings that were inspired by the famous French painter Edward Degas, who painted a picture of the cotton exchange while visiting relatives in the area in 1873.
“Now we look forward to an exciting new chapter in the hotel’s rich and impressive history,” added Patel, whose plans include a re-branding of the property to an upscale franchise brand.
NewcrestImage has experience with hotels on historic sites, having won the “Best Adaptive Reuse” Award in 2011 from the Texas Downtown Association for the company’s redevelopment of the Fisk Building in Amarillo, which dates from 1927 and was designed into a Courtyard by Marriott.
Currently, Dallas-based NewcrestImage owns and operates 12 hotel properties, with six properties under construction, and another three real estate properties in various stages of development, including a 52-acre master-planned community in the Dallas area that features multi-family housing alongside destinations for shopping, dining, and entertainment.