Illinois trust pays $74 million for Loews New Orleans Hotel
NEW ORLEANS — An Illinois-based investment trust has bought a New Orleans hotel for $74.5 million.
Inland American Lodging Group says Loews Hotel & Resorts will continue to manage the 285-room Loews New Orleans Hotel.
The 21-story hotel was sold by WNO Ownership LLC, led by business owners and developers Darryl Berger and Roger Ogden.
Inland American Lodging Group is a subsidiary of Inland American Real Estate Trust.
New Orleans CityBusiness reports that Orleans Parish Civil District Court records show WNO bought the former office tower for about $6.6 million in 2002 and spent $65 million to turn it into a hotel that opened in 2004. Part of that development included the $1 million restoration of the neighboring Piazza d'Italia.
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