Hotel AG Structures Sale of French Quarter Hotel
ATLANTA, GA, April 20, 2009 - Hotel Assets Group, LLC (Hotel AG) announced today it has facilitated the marketing and sale of a historic hotel situated in the French Quarter of New Orleans, Louisiana. The property was sold on behalf of an institutional client for an undisclosed amount to a local owner who will operate it as an independent hotel.
"We are pleased to have represented a long time institutional client on this very unusual hotel asset," remarked Keith Thompson of Hotel AG. "The investor was attracted to the hotel because of the consistent demand base generated within the French Quarter."
The two-story hotel is located along North Rampart Street on the edge of the French Quarter, three blocks from Bourbon Street. Reportedly built circa 1897, the property was converted to a hotel in the mid-1900s and was completely restored to its current style in mid-1990. Facilities include a restaurant and a large outdoor courtyard area with a grotto-style swimming pool.
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