NEW ORLEANS – December 5, 2016 – HRI Properties, LLC (HRI) and investment firm Rockbridge announced today through a joint venture, the acquisition of the Country Inn & Suites New Orleans French Quarter, located at 315 Magazine Street, near the city’s central business district. The joint venture, the first between the firms, will be led by Rockbridge. HRI Lodging, LLC (HRIL), a subsidiary of HRI, will manage the 155-room hotel which will undergo major renovations and repositioning beginning second quarter of 2017 and will be completed by late 2017.
“We have an opportunity to create a unique and special property in a first-rate location,” said Rockbridge CEO Jim Merkel. “The building’s rich history and distinctive architecture will enable us to develop one of the best hotels in New Orleans.”
Nearby attractions in downtown New Orleans include the city’s best dining, theaters, museums, sports and entertainment venues. Highlights include Bourbon Street, the Mercedes Benz Superdome, Smoothie King Arena, National WWII Museum, Shops at Canal Place and Audubon Aquarium of Americas. Centrally located in the business district, the hotel is three blocks from Canal Street and steps away from the many companies located in the city, including the One Shell Square located two blocks away.
“New Orleans has been a vital part of HRI’s growth story for years and we look forward to expanding our presence in one of the top-tier markets in the country,” said Gary Gutierrez, HRIL President and HRI COO. “The hotel’s historic structure and prime location, gives us the opportunity to create a unique, quintessential New Orleans hotel for future travelers to experience.”
“We are thrilled to partner with HRI who brings a wealth of New Orleans experience,” added Merkel.