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“Awash with Color:…

Feb 10 - May 21, 2016
Join us at the Historic New Orleans Collection for the new exhibition… more

18th Annual Dr.…

Feb 10 - Mar 31, 2016
Join us for the opening reception for the 18th Annual Dr. Martin Luther King… more

Architecture Camp

Feb 10 - 10, 2016
Learn about the unique Architecture that makes our city special. Practice your… more

Blaze Pizza's Wine…

Feb 10 - 24, 2016
Join as at Blaze Pizza New Orleans for Wine Down Wednesday. Purchase a glass of… more

Comedy Gold hosted by…

Feb 10, 2016 - Jan 07, 2026
In The Voodoo Garden, All Ages (content may not be appropriate for all ages).… more

David Hansen's Garden…

Feb 10, 2016
Since 2006, Hansen's Garden District Jazz Trio has performed every night at… more

Elixir (Vintage Night)

Feb 10, 2016 - Jan 11, 2017
Elixir (Vintage Night) is every second Wednesday of the month!!! Featuring… more

New Orleans Pelicans…

Feb 10 - 10, 2016
New Orleans Pelicans vs Utah Jazz. Come experience NBA basketball at its best… more

Patriot, Planter,…

Feb 10 - Mar 20, 2016
NOMA will present the first exhibition to focus on the works of Pierre-Joseph… more

The Foundation…

Feb 10 - 28, 2016
*Opening Reception: January 15, 2016 - 6pm-10pm The Foundation Gallery will be… more

The Historic New…

Feb 10 - May 7, 2016
In commemoration of the 100th anniversary of World War I, The Historic New… more

The Maison Presents -…

Feb 10, 2016 - Jul 26, 2017
The New Orleans Jazz Vipers play a free dinner show at The Maison every… more

The Photography of…

Feb 10 - Mar 1, 2016
The Photography of Modernist Cuisine: The Exhibition, a collection of over 50… more

Tim Youd: 100 Novels

Feb 10 - 21, 2016
Los Angeles-based contemporary artist Tim Youd will visit NOMA to perform the… more

Tom Hook

Feb 10 - 25, 2016
TOM HOOK- SOLO at the Fountain Lounge in the Roosevelt Hotel more

Crescent City…

Feb 11 - 11, 2016
Enjoy Live Music! more

Heart of the House

Feb 11, 2016 - Jan 08, 2026
In The Voodoo Garden, All Ages. Heart of the House puts the spotlight on House… more

Ogden After Hours…

Feb 11 - 11, 2016
Join us for Jazz-based cellist, singer, composer, and improviser Helen Gillet.… more

Amanda Ducorbier

Feb 12 - 27, 2016
AMANDA DUCORBIER - TRIO at the Fountain Lounge in the Roosevelt Hotel more

Antoine Diel at the…

Feb 12 - 26, 2016
ANTOINE DIEL - TRIO at the Fountain Lounge in the Roosevelt Hotel more

“Awash with Color:…

Feb 10 - May 21, 2016
Join us at the Historic New Orleans Collection for the new exhibition… more

Carey Watermark Investors Acquires Historic New Orleans Hotel

FOR IMMEDIATE RELEASE

COMPANY CONTACT:                                                                   PRESS CONTACT:

Cheryl Perry                                                                                       Guy Lawrence

W. P. Carey & Co. LLC                                                                     Ross & Lawrence

212-492-8995                                                                                    212-308-3333

cperry@wpcarey.com                                                                        gblawrence@rosslawpr.com

CAREY WATERMARK INVESTORS ACQUIRES HISTORIC NEW ORLEANS HOTEL

Marks CWI's second lodging investment  

 

New York - September 7, 2011 - Carey Watermark Investors Incorporated (CWI) announced today that it has closed on a joint venture investment of approximately $45.7 million in the historic French Quarter of New Orleans with HRI Properties, the original hotel owner and a strategic joint venture partner with a robust real?estate presence in the area.  CWI's investment is approximately $30.6 million including its allocated portion of first mortgage debt.  The property, the Chateau Bourbon Hotel, was built in 1849 as the D. H. Holmes department store and was later converted to a hotel in 1995 by HRI Properties. The hotel also includes approximately 20,000 square feet of leased commercial space and an adjacent 300-stall parking garage.  With CWI's acquisition, the hotel will undergo a complete renovation and repositioning including the creation of new modern food and beverage concepts and an increase in its room count to a total of 254.  Upon completion of the renovation, expected to be in the second quarter of 2012, the property will be renamed the Hyatt French Quarter hotel, through a franchise agreement with an affiliate of Hyatt Hotels Corporation. An affiliate of HRI will continue to manage the property. 

 

Located at the intersection of Bourbon Street and Canal Street, the hotel is in a prime location for visiting tourists and business travelers alike. Many of the area's attractions are within easy reach, including the Louisiana Superdome, New Orleans Convention Center, Harrah's Casino, and The Port of New Orleans - an access point for popular cruise lines, such as Carnival and Royal Caribbean.  Furthermore, the hotel boasts the largest average guestroom size in the French Quarter as well as 12-foot ceiling heights, and provides convenient driving access and guest drop-off, a common limitation throughout the French Quarter.

 

Commenting on the investment, Michael Medzigian, Chief Executive Officer of CWI, said, "As CWI's second transaction, this is another excellent example of how we can effectively enter into joint ventures  to leverage our hospitality industry and asset management expertise.  We found the Chateau Bourbon Hotel to be ideal for ownership and renovation as it is a landmark property that is ideally located in one of the strongest tourism markets in the country, and our joint investment with HRI will be at substantially below the hotel's replacement value, allowing us to capitalize on the property's full market potential. We look forward to working with HRI Properties to achieve our mutual investment goals and to increase the contribution the property can make to the New Orleans economy."

 

Trevor Bond, Chairman of the Board of CWI and President and Chief Executive Officer of W. P. Carey & Co. LLC, noted, "The closing of our second hotel investment on behalf of CWI validates our approach of providing a solid capitalization for properties with significant value add opportunities and upside potential.  Structuring investments in the hospitality sector that meet our investment objectives while providing attractive incentives to our local partners distinguishes us from other investors in the sector and gives us access to properties that might not be available otherwise.  The joint venture with HRI Properties aligns our goals of long-term growth in value and generation of attractive risk adjusted returns for our investors with those of a highly regarded management company active in the local community."   

 

"We are proud to be affiliated with the Hyatt family of hotels. The Hyatt brand is synonymous with the highest level of quality and service, exactly the standards we expect to achieve at HRI Lodging," said Gary Gutierrez, HRI Lodging president.

 

Carey Watermark Investors

Carey Watermark Investors Incorporated is a publicly registered non-traded real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey & Co. LLC (NYSE: WPC) and Watermark Capital Partners, LLC advise the REIT and manage its overall portfolio. http://www.careywatermark.com/

 

HRI Properties

 

HRI Properties is a New Orleans based full-service real estate development company and a national leader in the adaptive reuse of historic structures.  HRI has completed over 50 large scale projects, 30 in New Orleans, including 4,500 apartment units, 3,500 hotel rooms, and 500,000 SF of office and retail space.  http://www.hriproperties.com/

 

Forward-Looking Statements

Certain statements contained herein may be deemed to be forward-looking statements under federal securities laws and the company intends that such forward-looking statements be subject to the safe-harbor provisions created thereby. All forward-looking statements are qualified in their entirety by this cautionary statement and Carey Watermark Investors Incorporated and its related and affiliated companies assume no, and hereby disclaim any, obligation to update the forward-looking statements contained herein. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

New York - September 7, 2011 - Carey Watermark Investors Incorporated (CWI) announced today that it has closed on a joint venture investment of approximately $45.7 million in the historic French Quarter of New Orleans with HRI Properties, the original hotel owner and a strategic joint venture partner with a robust real?estate presence in the area.  CWI's investment is approximately $30.6 million including its allocated portion of first mortgage debt.  The property, the Chateau Bourbon Hotel, was built in 1849 as the D. H. Holmes department store and was later converted to a hotel in 1995 by HRI Properties. The hotel also includes approximately 20,000 square feet of leased commercial space and an adjacent 300-stall parking garage.  With CWI's acquisition, the hotel will undergo a complete renovation and repositioning including the creation of new modern food and beverage concepts and an increase in its room count to a total of 254.  Upon completion of the renovation, expected to be in the second quarter of 2012, the property will be renamed the Hyatt French Quarter hotel, through a franchise agreement with an affiliate of Hyatt Hotels Corporation. An affiliate of HRI will continue to manage the property. 

 

Located at the intersection of Bourbon Street and Canal Street, the hotel is in a prime location for visiting tourists and business travelers alike. Many of the area's attractions are within easy reach, including the Louisiana Superdome, New Orleans Convention Center, Harrah's Casino, and The Port of New Orleans - an access point for popular cruise lines, such as Carnival and Royal Caribbean.  Furthermore, the hotel boasts the largest average guestroom size in the French Quarter as well as 12-foot ceiling heights, and provides convenient driving access and guest drop-off, a common limitation throughout the French Quarter.

 

Commenting on the investment, Michael Medzigian, Chief Executive Officer of CWI, said, "As CWI's second transaction, this is another excellent example of how we can effectively enter into joint ventures  to leverage our hospitality industry and asset management expertise.  We found the Chateau Bourbon Hotel to be ideal for ownership and renovation as it is a landmark property that is ideally located in one of the strongest tourism markets in the country, and our joint investment with HRI will be at substantially below the hotel's replacement value, allowing us to capitalize on the property's full market potential. We look forward to working with HRI Properties to achieve our mutual investment goals and to increase the contribution the property can make to the New Orleans economy."

 

Trevor Bond, Chairman of the Board of CWI and President and Chief Executive Officer of W. P. Carey & Co. LLC, noted, "The closing of our second hotel investment on behalf of CWI validates our approach of providing a solid capitalization for properties with significant value add opportunities and upside potential.  Structuring investments in the hospitality sector that meet our investment objectives while providing attractive incentives to our local partners distinguishes us from other investors in the sector and gives us access to properties that might not be available otherwise.  The joint venture with HRI Properties aligns our goals of long-term growth in value and generation of attractive risk adjusted returns for our investors with those of a highly regarded management company active in the local community."   

 

"We are proud to be affiliated with the Hyatt family of hotels. The Hyatt brand is synonymous with the highest level of quality and service, exactly the standards we expect to achieve at HRI Lodging," said Gary Gutierrez, HRI Lodging president.

 

Carey Watermark Investors

Carey Watermark Investors Incorporated is a publicly registered non-traded real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey & Co. LLC (NYSE: WPC) and Watermark Capital Partners, LLC advise the REIT and manage its overall portfolio. http://www.careywatermark.com/

 

HRI Properties

 

HRI Properties is a New Orleans based full-service real estate development company and a national leader in the adaptive reuse of historic structures.  HRI has completed over 50 large scale projects, 30 in New Orleans, including 4,500 apartment units, 3,500 hotel rooms, and 500,000 SF of office and retail space.  http://www.hriproperties.com/

 

Forward-Looking Statements

Certain statements contained herein may be deemed to be forward-looking statements under federal securities laws and the company intends that such forward-looking statements be subject to the safe-harbor provisions created thereby. All forward-looking statements are qualified in their entirety by this cautionary statement and Carey Watermark Investors Incorporated and its related and affiliated companies assume no, and hereby disclaim any, obligation to update the forward-looking statements contained herein. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.