Cotton Exchange Investment Properties, LLC, an affiliate of Pacific Hospitality Group(PHG), has announced the purchase of AC Hotel New Orleans Bourbon/French Quarter Area from an affiliate of Dallas-based NewcrestImage, LLC.
"We continually look to complement our expanding hospitality portfolio with exceptional properties that deliver unique experiences for both leisure and group travelers," said Tim Busch, CEO of Pacific Hospitality Group. "We are excited to be the owners of the first AC Hotel by Marriott in North America and look forward to being an integral part of the New Orleans community."
AC Hotel New Orleans, which opened November 2014, is located in the Bourbon/French Quarter area of New Orleans, an ideal location to seamlessly blend business with pleasure. The hotel's location and proximity to many dining and shopping options allows guests to immerse in the authenticity of New Orleans' most iconic neighborhood.
"AC New Orleans is our first of many acquisitions into the high-end select service space whose new leader is AC Hotel by Marriott. This new lifestyle brand nicely complements our luxury hotels within the Meritage Collection and provides us the opportunity to diversify into new growth markets," said Kory Kramer, chief investment officer of Pacific Hospitality Group.
Located in the historic Cotton Exchange building in downtown New Orleans, the hotel's chic accommodations include 220 comfortable guest rooms, some of which include sweeping city views. The neo-classical building was originally constructed in 1921 and has been transformed into an institutional quality asset having undergone a major state of art conversion into a sleek, European-inspired boutique hotel. The hotel has an enviable pedigree as the first AC Hotel by Marriott to open in the Americas. The 8-story hotel building includes the AC Kitchen serving the signature AC breakfast, the AC Lounge, serving cocktails, beer, wine, and small plates, the AC Market offering unique local sundry items, fitness center, business center, laundry facility, and over 2,200 sf of meeting space including the 1,901 sf ballroom ideal for hosting a small get-together for as few as 10 people or a larger scale event for as many as 168.
Advisory services on the transaction were provided by Bill Hodges and Michael DiPrima of Hodges Ward Elliott. Buyer legal counsel was The Busch Firm and Stone Pigman. Seller legal counsel was Akin Gump.