Clearview and Starr's USA Investments Acquire JW Marriott, New Orleans
NEWPORT BEACH, CA, January 24, 2008. Clearview Hotel Capital, LLC, along with Starr International Company, Inc. through its subsidiary Starr International USA Investments LC ("Starr"), announced it has completed the acquisition of the 494-room JW Marriott located in New Orleans, Louisiana from Ashford Hospitality Trust ("Ashford"). The Hotel will continue to be managed by Marriott International ("Marriott").
The JW Marriott opened in June 1984 as a Le Meridien and was converted to the JW Marriott brand in April 2003, following a significant renovation. The property was acquired by Ashford in April 2007, as part of a 59-property, $2.4 billion transaction.
The 31-story property contains a Shula's Steak House, 19,000 square feet of indoor meeting and banquet space, a fitness center, a rooftop outdoor swimming pool, a parking garage, and a business center. The property is located at 614 Canal Street, one block south of Bourbon Street.
Jon D. Kline, Clearview Hotel Capital's Founder and President, stated, "We are believers in the robust recovery of New Orleans as a convention and travel destination. The city's unique heritage and culture distinguish it from other leading convention cities ... there is only one French Quarter. The confluence of the initiatives being driven by the City, the CVB, and Marriott has sparked the beginning of a recovery that we expect to gather strength over the next few years."
Diane Yep from Starr stated, "The city of New Orleans and the region of Southern Louisiana have great appeal because of their rich culture, superior restaurants and entertainment, vivid history and people. Starr is looking forward to actively participating in the dramatic, continuing recovery and growth of both New Orleans and Louisiana from Hurricane Katrina to allow the region to reclaim its position as a pre-eminent business and entertainment destination. Starr believes that Clearview, with its significant hotel investment experience, will be a great partner for us in this transaction. Starr looks forward to working with Marriott, along with the JW Marriott's already impressive management and operations teams."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
