Acquisition and construction financing for the $25 million project results
from private equity sources being blended with funding from federal and
state Historic Tax Credits (HTCs) and federal New Market Tax Credits (NMTCs).
The National Registry of Historic Places-designated structure has received
an allocation of federal NMTCs from the National Trust Community Investment
|BATON ROUGE, LOUISIANA – 22 September
2009 - Hotel Indigo and Baton Rouge developers, Brace B. Godfrey, Jr. and
John Schneider, today announce the commencement of renovations to the former
Hotel King property in downtown Baton Rouge. Scheduled to open in late
2010, the 48,000 sq. ft. building will become a 93-room Hotel Indigo.
Meeting the desires of today's traveler, Hotel Indigo is an upscale
boutique brand that delivers a refreshing and inviting guest experience
that is truly reflective of the local community. From the locally-inspired
murals to the renewal program where the images, music, scent, and menu
items change through out the year, Hotel Indigo gives guests a vibrant,
engaging and genuine boutique experience.
Conveniently located at the corner of Convention and Lafayette streets
across from the Shaw Center and the Capital Hilton Hotel, the Hotel Indigo
Downtown Baton Rouge Riverfront will highlight Baton Rouge’s rich cultural,
art and entertainment history throughout the seven-story building.
“The renovation of the Hotel King is so important for downtown Baton
Rouge’s growth potential,” said Pam Breaux, secretary, Department of Culture,
Recreation & Tourism for the State of Louisiana, “It’s another great
example of the economic potential when culture and commerce meet. In this
climate, I know securing the funding has been a significant challenge;
congratulations on clearing that hurdle.”
King Hotel Property
The community development division of U.S. Bank – U.S. Bancorp Community
Development Corporation – is participating as the purchaser of both the
federal HTC and NMTCs. Stonehenge Capital Company, LLC, headquartered in
downtown Baton Rouge, is participating in the financing through the purchase
of the state HTCs.
The Hotel Indigo Downtown Baton Rouge Riverfront is owned by Project
King, LLC and managed by Nu Vieux LLC, a Baton Rouge-based hospitality
company, in a license agreement with a company in the InterContinental
Hotels Group. The project is being developed by Brace B. Godfrey,
Jr. and managed by Francis Grayson, two leading African-American businessmen
in Baton Rouge. General contractor for the renovation work is Milton
J. Womack, Inc.; Coleman Partners Architects, LLC is coordinating the design
aspects. McGlinchey Stafford PLLC attorneys, Sam Bacot and Jennifer Chick,
have led the legal team.
“This property will be a wonderful example of our Interpret Indigo design
platform,” said Mary Dogan, director, Brand Delivery, Hotel Indigo, the
Americas, IHG. “The city of Baton Rouge is such a unique destination location
and a property like this provides our owners with the opportunity to reflect
the unique elements of the surrounding community in the designs of their
hotels and preserve the original character of the building. The branded
boutique style of Hotel Indigo allows us to offer our guests the conveniences
of a branded hotel, while still providing an attractive and inviting atmosphere.”
The hotel will feature inviting guest rooms with plush bedding, high-definition
flat screen TV, CD player and spa-inspired showers with Aveda products.
Hard surface flooring with area rugs will create a fresh residential feel.
Dining options will include Phi Bar and Bistro, serving locally-inspired
gourmet menu items with a full-service bar. Additionally, the hotel will
provide guests complimentary Wi-Fi in public spaces and 24-hour access
to the hotel's business center, an onsite meeting space and a fitness studio.
There are currently 31 Hotel Indigo properties open worldwide and more
than 60 hotels under development, either in the pipeline or in final negotiation.
By the end of 2009, Hotel Indigo is forecasted to almost double its footprint
in the Americas by opening properties in New York City, San Antonio, Miami
and Asheville, N.C.
About U.S. Bancorp Community Development Corporation
With assets of over $6 billion, USBCDC finances community development
and affordable housing projects through the use of New Markets Tax Credits,
Historic Tax Credits, Low-Income Housing Tax Credits, and Investment Tax
Credits in Renewable Energy. USBCDC is the largest New Markets Tax Credit
investor in the country, investing billions of dollars nationwide in hundreds
of transactions. These equity investments have provided much needed revitalization
and new resources to communities throughout the country. USBCDC is a subsidiary
of U.S. Bank and U.S. Bancorp (NYSE: USB). The company operates 2,850 banking
offices and 5,183 ATMs in 24 states, and provides a comprehensive line
of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at www.usbank.com.
InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)]
is the world's largest hotel group by number of rooms. IHG owns, manages,
leases or franchises, through various subsidiaries, over 4,300 hotels and
almost 630,000 guest rooms in nearly 100 countries and territories around
the world. The Group owns a portfolio of well recognized and respected
hotel brands including InterContinental® Hotels & Resorts, Hotel
Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels
and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood
Suites®, and also manages the world's largest hotel loyalty program,
Priority Club® Rewards with 44 million members worldwide.