Robert J. Guidry & David Bansmer Purchase New Orleans Hotel For $73M
301 Saint Joseph Street & 300 Julia Street
$73,000,000
Building Size
—
Asset Type
Hotel
Closing
May 2, 2024
AI
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.
Players
New Orleans Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93