Hotel Online
News for the Hospitality Executive

advertisement
 
 

Prism Hotels Selected to Manage the 707-room Crowne Plaza Hotel Astor -- New Orleans
.
The Hotel Recently Acquired by RREEF and Loeb Partners Realty LLC

.
DALLAS, Sept. 19, 2007 - Prism Hotels & Resorts has been selected to manage the 707-room, 4-diamond Crowne Plaza Hotel Astor -- New Orleans, located at the gateway to the city's famous French Quarter. The hotel was recently acquired in a joint venture between RREEF and Loeb Partners Realty LLC.
    
"With New Orleans tourism back on the rise, we're thrilled to be managing this luxury hotel in one of America's most exciting and beloved destinations," said Steve Van, chief executive officer of Prism Hotels & Resorts. "We have the utmost confidence that the hotel will be significant contributor to helping the city return as a top travel destination."
    
Prism Hotels & Resorts currently manages more than 5,000 hotel and resorts rooms across the United States and the Caribbean.
    
"It's an exciting time to own one of the top hotels in New Orleans," said Nick Rizzo, managing director of Loeb Partners Realty. "We are excited to work in this great city, to participate in its rebuilding process and to partner with Prism Hotels & Resorts to make it happen."
.
USA. New Orleans Astor Crowne Plaza Hotel acquired by
RREEF Real Estate and Loeb Partners Realty
https://www.rreef.com

Thursday, 13 September 2007 - RREEF Real Estate, a part of RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s Asset Management division, has announced a joint venture agreement with Loeb Partners Realty for the acquisition of the Astor Crowne Plaza Hotel in New Orleans. The joint venture will retain the Crowne Plaza franchise and Prism Hospitality LP, a national hotel management firm, has been installed as the day-to-day manager of the hotel.

Opened in 2002, the Astor Crowne Plaza is a 707-room hotel, located on the corner of Bourbon and Canal Streets. The hotel offers 27,500 square feet of meeting space, including outdoor balconies overlooking Bourbon Street, as well as 22,500 square feet of ground floor retail space. The joint venture’s business plan will involve a substantial capital improvement program to upgrade the hotel.

“Our view is that New Orleans’ lodging market will return to pre-Katrina levels within the next few years,” said Benjamin Young, a Managing Director with RREEF Real Estate. “We believe now is the time to invest in the city’s hospitality infrastructure and the Astor Crowne Plaza’s prime position at the gateway to the French Quarter will be an advantageous location as New Orleans tourism recovers and the city returns to meeting planners’ shortlist of top convention destinations.”

“It’s an exciting time to acquire one of the top hotels in New Orleans,” said Nick Rizzo Managing Director of Loeb Partners Realty. “One of our main focuses is to purchase quality yet undervalued investment properties throughout the US, so this acquisition is a perfect fit for us. We are excited to work in this great city, and happy to participate in its rebuilding process. In this respect, Loeb currently has investments in over 1,700,000 square feet of office and retail space in New Orleans.”

The Astor Crowne Plaza suffered relatively minimal damage from the 2005 hurricanes and did not flood. The new owners’ equity infusion will be used to update the interior, improve the overall guest experience, and retain and add staff. The hotel will remain open during renovations.

About Prism Hotels & Resorts
    
Dallas-based Prism Hotels & Resorts is one of the fastest growing full-service hotel investment, management and development companies in the United States. The company currently manages more than 5,000 rooms for multiple owners in the 11 states and the Caribbean. For more information, please visit http://www.prismhotels.com.
    
About RREEF
    
RREEF Real Estate acquires and manages investments in commercial and residential property and real estate securities on behalf of its institutional and private clients worldwide. Its product offering is global and comprehensive, including core, value-enhanced and high yield property investments, as well as investments in publicly traded real estate securities. RREEF Real Estate has more than euro 56.9/US$77.2 billion in assets under management worldwide, as of June 30, 2007.
    
About Loeb Partners Realty
    
Over the last 40 years, Loeb Partners Realty has been engaged in the real estate acquisitions, advisory, financing and asset management business. During that time, Loeb has acquired, advised on, repositioned and/or financed more than $25 billion of investment real estate, ranging across the spectrum of property types, including hotels, office buildings, shopping centers, industrial warehouses and multifamily properties. Loeb Partners Realty LLC currently purchases, develops, repositions, advises on and manages real estate assets on behalf of a select group of major domestic and foreign pension funds, insurance companies, high net worth individuals and investment groups.

.
Contact:

  Prism Hotels & Resorts
http://www.prismhotels.com

.
.
Also See: Prism Hotels & Resorts to Manage Landmark Hilton in San Francisco's Financial District / May 2007
.
.


 


To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch
Home | Welcome| Hospitality News | Classifieds| One-on-One |
Viewpoint Forum | Industry Resources | Press Releases
Please contact Hotel.Onlinewith your comments and suggestions.