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Robert J. Guidry & David Bansmer Purchase New Orleans Hotel For $73M
SOLD
$73,000,000
Louisiana
See Similar DealsHotel
Sold 05/02/2024
SOLD
Robert J. Guidry & David Bansmer Purchase New Orleans Hotel For $73M
301 Saint Joseph Street & 300 Julia Street
See Similar DealsHotel
Sold 05/02/2024
Summary
LOUISIANA
Asset Type:Hotel
Transaction Type:Sale
The dual-branded Courtyard New Orleans Warehouse Arts District and Spring Hill Suites New Orleans Warehouse Arts District, boasting a total of 410 rooms near the Ernest N. Morial Convention Center, were sold for $73 million.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $73,000,000
- Address: 301 Saint Joseph Street & 300 Julia Street
- Market: New Orleans, LA
- Buyer: Robert J. Guidry - Guidry Land Partners & David Bansmer
- Brokers: Len Wormser & Scott Stephens - Hospitality Real Estate Consultants
- Keys: 410
- Price Per Key: $178,049
The deal was facilitated by brokers Len Wormser and Scott Stephens of Hospitality Real Estate Consultants, representing the buyer Robert J. Guidry of Guidry Land Partners and David Bansmer in the acquisition of the dual-branded hotel property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,893,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$259,353.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$346,057.24
Annual Debt Service$4,152,686.91
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