HREC Investment Advisors and HREC Capital Markets Group announced the sale and financing of the 319-guest room Hilton New Orleans Airport located in Kenner serving New Orleans, Louisiana. NOLA Airport 319 LLC institutional equity teamed with an entrepreneurial sponsor/operator, has acquired the property.
"The New Orleans market for hotel acquisitions and disposition is robust and better than most Top 25 markets nationwide," stated Len Wormser, HREC Senior Vice President and Broker.
"The value of the hotels in the New Orleans area has substantially improved over the last five years, and is paramount to recovery of the tourism industry, a boom to the economy of the state. In 2023 – 2025 New Orleans is expected to recover due to the return of conventions and large-scale events as seen in 2019 levels and continuation of 2019's leisure demand," added Wormser.
"HREC's national platform of 22 offices along with its deep and personal connections to qualified institutional buyers proved vital in successful execution of this first class, full-service lodging transaction," according to Stephens.
The Hilton New Orleans Airport's location is premier and unreplaceable, across the street from the rental car facilities, a five-minute drive to the entrance of the new Louis Armstrong International Airport Terminal, to I-10, providing easy access to leisure and corporate demand generators. The property is a 20-minute drive from the French Quarter, the historical Garden District, the Riverwalk Marketplace, and the Ernest N. Morial New Orleans Convention Center. Additional room night demand is driven by major events held in the Caesars Superdome and Smoothie King Center. Tulane University and the Loyola University of New Orleans are within 25-minutes of the property and the hotel provides easy access to university-sponsored healthcare centers such as the Tulane Medical Center, and LSU Health Sciences Center.