LOS ANGELES, March 5, 2012-- Laurus
Corporation is pleased to announce that it has successfully completed
the acquisition of the Ramada Suites Hotel at the New Orleans Airport.
The Ramada Suites, a 130-room select service lodging establishment, is
situated at the entrance of James Business Park (an upscale, 200-acre
business park offering over two million square feet of commercial
space) and immediately adjacent to the New Orleans International
Airport.
The hotel, built in 2003, sits on a 3.4 acre highly visible site,
features over 3,000 square feet of meeting space, two on-site
restaurants, a 189-car parking lot, interior corridors, inviting pool
and courtyard facilities, and one of the best fitness and business
centers within its competitive set.
New Orleans (and the region's hospitality industry) has and continues
to experience vigorous recovery. During 2010, the New Orleans
hospitality market ranked first in Smith Travel's Top 25 Markets when
evaluating RevPar advances between 2009 and 2010. The market's 2010
RevPar advances of roughly 15% was approximately two percentage points
higher than its next two closet competitors, New York and Boston. The
number of visitors statewide is now expected to recover to 2004 levels
by 2012 with 24.8 million people expected to visit to the state this
year. Total visitor spending is expected to reach $9.1 billion in 2012.
Louis Armstrong New Orleans International Airport serves approximately
9.7 million passengers per year, nearly all of them non-connecting.
New Orleans Hotel Partners, LLC was formed as an investment vehicle to
acquire the property. The new owners plan to implement a renovation
program to upgrade the facility and rebrand the asset under a
Holiday-Inn Express franchise affiliation. In addition, a new
management agreement was executed with an experienced, first-tier local
management company to significantly improve overall guest satisfaction
and performance.
About
Laurus Corporation
Laurus Corporation is a boutique style domestic and international real
estate investment and development company, that specializes in hotel
& resorts, office buildings and mixed-use properties. Laurus'
entrepreneurial business model and strong leadership, provides clear
vision for each opportunity, combined with insight and foresight to
identify true potential, while achieving exceptional returns for its
investors.