New Orleans Hotel Picked Up for $93M

The Astor Crowne Plaza Hotel on the corner of the famous Bourbon and Canal streets has just come under new ownership. RREEF Real Estate and joint venture partner Loeb Partners Realty have closed on the acquisition of the 707-room property from New Orleans Fine Hotels for $93 million. Located at the entrée to the French Quarter, the Astor was developed at a cost of $40 million in 2002 as a 515-room property. Today, in addition to a wealth of guestrooms, the hotel features 27,500 square feet of meeting space and 22,500 square feet of street level retail space. While the property suffered only minimal damage as a result of Hurricane Katrina, the new owners plan to renovate the hotel through a substantial capital investment.