NEW ORLEANS — HREC Investment Advisors and HREC Capital Markets Group, the dedicated capital markets team within HREC Investment Advisors, announced that it has arranged the sale and financing of the 319-guest room Hilton New Orleans Airport in Kenner. NOLA Airport 319 LLC institutional equity teamed with an entrepreneurial sponsor/operator to acquire the property.
The marketing and negotiations were led by Scott Stephens, senior principal and chief operating officer (Tampa office), Len Wormser, senior vice president, (New Orleans office and Louisiana Broker of Record), and Ketan Patel, managing director (Washington D.C. office). Purchase financing on behalf of the buyer was arranged by Greg Porter, senior vice president, and Mike Armstrong, principal and head of capital markets.
“The New Orleans market for hotel acquisitions and disposition is robust and better than most Top 25 markets nationwide,” said Wormser. “The value of the hotels in the New Orleans area has substantially improved over the last five years, and is paramount to recovery of the tourism industry, a boom to the economy of the state.”
“HREC’s national platform of 22 offices along with its deep and personal connections to qualified institutional buyers proved vital in successful execution of this first class, full-service lodging transaction,” said Stephens.
HREC is a lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting and litigation support.
