HFF Secures $51M Refi for Ace Hotel New Orleans
- Jan 11, 2018
HFF has secured a $51 million refinancing for the 234-key Ace Hotel in New Orleans. The borrower is a partnership between Domain Cos. and Avenue Capital Group. The floating-rate loan was provided by TPG RE Finance Trust.
Ace Hotel New Orleans is situated in the heart of the city, minutes away from the French Quarter, at 600 Carondelet St. It was originally built in 1928 and fully renovated and transformed into a hotel in 2016 by The Domain Cos. An additional four-story building was erected on an adjacent lot. The Art Deco building also features 31,000 square feet of retail, restaurant, meeting space for live music, an art gallery, various boutique outlets and a gym.
The heart of New Orleans
Multiple entertainment venues, bars and restaurants are within walking distance of the Ace Hotel. Sitting at the confluence of New Orleans’ business, sports and entertainment districts, guests can walk or take a streetcar towards the multiple attractions the city has to offer. Louis Armstrong International airport is 20 minutes away.
“The Ace Hotel New Orleans is a unique, best-in-class asset, which has carved its own niche within the New Orleans hospitality market and local community. It was a pleasure working with TPG, a lender who immediately recognized the hotel’s merit and Domain’s unparalleled market expertise,” said Christopher Peck, managing director at HFF, in a prepared statement.
HFF recently secured another refinancing loan for a three-asset hotel portfolio in Boston.
Image courtesy of HFF