CWI acquires New Orleans property

8th September 2011 (Last Updated September 8th, 2011 18:30)

Carey Watermark Investors (CWI) has closed a joint venture investment of $45.7m in a New Orleans hotel with HRI Properties. The property, the Chateau Bourbon Hotel, was built in 1849 as the DH Holmes department store and was later converted into a hotel in 1995 by HRI Properties.

Carey Watermark Investors (CWI) has closed a joint venture investment of $45.7m in a New Orleans hotel with HRI Properties.

The property, the Chateau Bourbon Hotel, was built in 1849 as the DH Holmes department store and was later converted into a hotel in 1995 by HRI Properties.

CWI chief executive Michael Medzigian said the hotel will undergo an $18m renovation and be renamed the Hyatt French Quarter Hotel through a franchise agreement with an affiliate of Hyatt Hotels Corporation.

The renovation will increase the hotel’s room count from 251 to 254 and an affiliate of HRI will continue to manage the property.