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Clarion Hotel New Orleans Airport & Conference Center
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Ten-X Auction: July 29-31 |
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Ten-X Auction Information: July 29-31 |
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The Ten-X Auction for the Clarion Hotel New Orleans - Airport & Conference Center is scheduled to begin on Monday, July 29 and will conclude on Wednesday, July 31.
Please click the following button to be guided to the auction landing page:
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Opportunity Overview |
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HREC Investment Advisors and The Plasencia Group are pleased to offer to qualified investors the opportunity to acquire the 292-guestroom Clarion Hotel New Orleans – Airport & Conference Center (formerly the Crowne Plaza New Orleans Airport Hotel and hereinafter referred to as the “Hotel” or “Property”) in Kenner, LA. The Hotel contains 258 standard key rooms and 34 rooms that can be converted into additional income-generating suites.
The Clarion Hotel New Orleans – Airport & Conference Center (which formerly was affiliated with IHG’s Crowne Plaza brand and was subsequently leased to Shell Corporation during the pandemic) presents a classic value add opportunity based on the acquisition of a new brand, the implementation of a transformative PIP, and the installation of focused management.
The Hotel is a 5-minute drive to the new airport terminal entrance. The Asset is among the closest clusters of hotels to the airport’s new entrance on Veterans Highway. The former airport entrance was on the opposite side of new terminal. This AAA airport location provides a new advantage for the Hotel to capture increased airport demand. As to the hotel’s post-conversion upside potential, note that during the three calendar years ending with 2019, the Hotel has averaged just 76% RevPAR indexing relative to the comp set. Given that the Hotel’s brand contribution during those periods was in the single digits, most of the low RevPAR indexing was from the occupancy side of that equation.
The Property has many competitive advantages in terms of location, accessibility, unencumbered by management, fee-simple, great location, meeting space, and parking. As such, there is every expectation that a full renovation, backed by a high performing brand, would successfully leverage off the existing physical plan to put the hotel into a highly competitive position within the market.
As to new supply, the submarket did not experience material additions to supply, especially in the full-service market, over the past ten years. The Property is being offered fee-simple, unencumbered by brand and management.
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Property Overview |
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The Clarion Hotel New Orleans – Airport & Convention Center opened as a Holiday Inn Hotel in 1972 and was converted to a Crowne Plaza. The Property features 292 rooms, a restaurant, a lobby lounge, 12,000 square feet of meeting space (largest meeting space in the Metairie/airport market), an outdoor pool, a fitness center, a business center, ample parking, and vending areas, with excellent visibility along I-10 and the surrounding roadways, due to its identifiable signage and its frontage along four highly-traveled roadways.
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Investment Highlights |
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Contact Information |
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Len Wormser
Senior Vice President
HREC Investment Advisors
(850) 830-4595
LA Broker License #: BROK.995680273-ACT
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Derek Rudd, Ten-X – Auction Advisor - (949) 208-9770
Auctioneer License: Ten-X, LLC Jessica Figueroa RE Brkr BROK.995692305-CORP Irvine, CA; Auction Firm LA AB-446
Please DO NOT contact ownership of the Hotel to request additional information or to arrange a site tour.
For more information on this investment opportunity, please execute the confidentiality agreement, or contact an HREC IA representative. Information will be provided subject to Seller and HREC discretionary approval. Execution of the CA does not create any form or type of agreement or relationship. Copyright © 2024 HREC IA, All rights reserved.
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