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updated: 10/18/2013 7:43 AM

Illinois trust pays $74 million for Loews New Orleans Hotel

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  • 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.

      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.

 

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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