A special servicer who was not named has hired Auction.com and Eastdil Secured to auction the Astor Crowne Plaza Hotel in New Orleans on Aug. 22.
The 14-story hotel has 693 guestrooms as well as ballroom and meeting space totaling more than 32,000 square feet. The hotel also features outdoor balconies overlooking the iconic Bourbon Street and is home to Dickie Brennan's Bourbon House Restaurant.
In 2010, a multi-million-dollar renovation of both towers upgraded guestrooms and bathrooms, expanded the executive club, and renovated the fitness center and meeting space. As a result, the property is well positioned for long-term profitability, the two companies said.
“When you think of the French Quarter, this hotel’s iconic exterior and balconies overlooking Bourbon Street immediately come to mind. The new owner will have the ability to create their own, unique vision for this exceptional asset,” said Lawrence Wolfe, senior managing director at Eastdil Secured, a real estate investment banking firm based in New York.
While the hotel is currently operated under a short-term franchise agreement with Crowne Plaza, a new owner will have the ability to enter into a new franchise agreement, rebrand the hotel or operate it as an independent property.
The minimum bid for the Bourbon Street property is $105 million and the asset will be sold to the highest bidder.
Bidders must pre-register with Auction.com and provide a deposit of $750,000.
“New Orleans has experienced a dramatic recovery since Hurricane Katrina and tourism is exceeding its prior peak levels,” said Eric Paulsen, co-CEO of Irvine, Calif.-based Auction.com. “The transparency of the Auction.com platform will ensure that the final sales price is commensurate with this re-emerging market.”
