NEW ORLEANS — Los Angeles-based Criminal Defense Attorney Mark Geragos, who has represented Scott Peterson and Sean “Puffy” Combs and other high profile clients, is a part of a team that has acquired The Drifter Hotel. Geragos joins Mayank Dwivedi, who has held positions in prestigious Wall Street investment banks in eight different countries and Irwin Simon, Chairman and Chief Executive Officer at Tilray, Inc (NASDAQ: TLRY) in the purchase of the property located at 3522 Tulane Avenue.
Over the past several years, The Drifter, which has a pool, has become a hipster haven in New Orleans. The venue often showcases local artwork and maintains a busy events calendar featuring performances from trendy local bands like Bad Operation and showcases put on by buzzy organizers such as Mixtape. Although the hotel was designed to revamp the “vibe” of the Tulane Avenue location, it appeared to cater to a more adult crowd as it allowed for topless swimming and sunbathing on the premises.
Over fifty years ago, Tulane Avenue was a bustling thoroughfare dotted with motor lodges. It served as the primary route into New Orleans from Jefferson Parish and Baton Rouge and was the southern terminus of U.S. 61, which extended north to Memphis, St. Louis, and further. However, the construction of Interstate 10 and the Pontchartrain Expressway in the early 1970s altered the landscape and shifted the area’s prominence. Following this shift, Tulane Avenue saw a decline in visitors, leading many motels to struggle and eventually close down.
However, the avenue experienced a revival, largely due to the development of the $1.1 billion University Medical Center and the $1 billion Veterans Affairs Medical Center. In 2016, Sandstone Hospitality purchased the then-Rose Inn Motel and began converting it to The Drifter for $675,000.
Today, the hotel describes itself on its social media channels as “an action & reaction to our culture to harbor the contemporary traveler and the disruptive innovator.”
When he’s not laying down the law, Geragos is investing in real estate, usually in his native Los Angeles. “Rental investments that are historically significant, that’s what we like,” he told L.A. Downtown News in 2009 . “I’m in the business of storytelling, and each of these buildings [I acquire] has a great story behind it, and it adds some character.” In the past several years, Geragos has bought and sold close to hundred properties throughout California.
Ed. Note: This article was updated to reflect that Sandstone Hospitality purchased The Drifter property in 2016. At this time, Zach Kupperman was working for them.
