RobertDouglas represented, as exclusive advisor, MetLife Inc. and Marriott International Inc. in arranging a $100 million refinancing of the Sheraton New Orleans through an international bank balance sheet lender. Further details of the transaction were not disclosed.
The 1,110-key, downtown New Orleans hotel is co-owned in joint venture by affiliates of life insurance company MetLife Inc. and Marriott International. It features 106,000 sq. ft. of meeting facilities, an 8th floor pool deck, a fitness center and three F&B outlets.
The hotel is close to the French Quarter, Caesars Superdome, Smoothie King Center, the Ernest N. Morial Convention Center and the Central Business District (CBD). A future demand generator will be the 39-acre River District megadevelopment, anticipating more than $1 billion invested over the next decade.
“This strategic asset enjoys best-in-class sponsorship with an outstanding track record in hotel ownership and management,” said Evan Hurd, RobertDouglas principal/managing director. “Combined with strong in-place cash flow, an irreplaceable location and compelling stabilized financing metrics, this led to an extremely competitive bidding process for the refinancing of this flagship property.”
Stephen O’Connor, RobertDouglas principal/managing director, added, “We are pleased to work in partnership with these outstanding entities, representing unrivaled sponsorship. This transaction exemplifies the continued asset value and investment appeal of premier quality, well-positioned and well-run hospitality properties in today’s marketplace.”
