NEW ORLEANS—Northview Hotel Group, in partnership with a fund managed by Apollo Global Management, has acquired The Queen and Crescent Hotel in New Orleans, La. The acquisition marks the partnership’s second hospitality joint venture in six months.
The Queen and Crescent is located in New Orleans’ Central Business District just three blocks from the French Quarter and features 196 guestrooms and 2,600 square feet of meeting space. The REO property was acquired by the partnership directly from the servicer. Northview’s plan is to execute an extensive renovation of the hotel in 2013 and 2014, and to re-open as a completely repositioned hotel in Fall 2014. NVHG Management, Northview Hotel Group’s operating arm, will operate the Hotel and oversee the completion of the renovation project.
Commenting on the acquisition, Northview Partner Simon Hallgarten said: “The purchase of the Queen and Crescent represented a unique opportunity to acquire an underperforming hotel located in the heart of one of the most vibrant lodging markets in the U.S. Over the next 12 months, we plan to execute a transformative renovation and strategic repositioning plan, which in conjunction with the installation of our management personnel, tools, and systems, we believe should maximize the value of the asset.”
The Queen and Crescent purchase marks Northview’s fourth acquisition since mid-2012. “Northview continues to see attractive value-add investment opportunities in the U.S. lodging market. We plan to expand our portfolio aggressively in the next 12 months,” adds Northview Partner, Matt Trevenen.
