Certares Management, a New York City real estate investment group with a $10 billion portfolio, has acquired the Hilton New Orleans on St. Charles Avenue for $47 million. The hotel, originally built in 1926 as a Masonic Temple, features 252 rooms and is part of Certares’ strategy of purchasing high-quality, experiential real estate in growing markets. Since early 2023, Certares has acquired nearly $300 million in hotels nationwide, including the 263-room Seacrest Beach Hotel in Cape Cod.
The previous owner, Sunstone Hotels, opted to sell rather than invest in upgrades to remain competitive, having purchased the property for $59.35 million in 2013. Certares is collaborating with HEI Hotels & Resorts and Hersha Hospitality Management for some purchases and plans to acquire a cluster of hotels in key markets.
Industry experts view this acquisition as a positive sign, indicating that well-capitalized investors are optimistic about the local hospitality sector. Certares, founded by Greg O’Hara, has diverse investments, including airlines and cruise lines, showcasing a broad focus within the travel and tourism industry.
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