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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."
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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. |