The 31-story hotel at 614 Canal St. contains 19,000 sf of meeting and banquet space, fitness center and rooftop outdoor swimming pool, a business center and a parking garage. The site also boasts a Shula's Steak House. No information was available about hotel renovations and upgrades.
In a press release, Jon D. Kline, founder and president of Newport Beach, CA-based Clearwater Hotel Capital, says the acquisition was a statement of faith about New Orleans' recovery. "The confluence of the initiatives being driven by the city, the CVB and Marriott has sparked the beginning of a recovery that we expect to gather strength over the next few years," he says.
The 24-year-old hotel opened as a Le Meridien and was converted to the JW Marriott brand in 2003 following a significant renovation. Ashford bought the hotel in April as part of a 59-asset, $2.4-billion transaction.
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