The buffet at The Ritz-Carlton New Orleans’ Maison Orleans Club. A $15 million remodel of the 76 rooms and suites in the club was recently completed.
A library invites relaxation at the Ritz-Carlton in New Orleans.
A renovated room in the Ritz-Carlton New Orleans’ Maison Orleans Club. The 76 rooms and suites serve as a “hotel within a hotel” at the Canal Street property.
The Ritz-Carlton New Orleans, a luxury hotel on Canal Street in one of the city’s most iconic buildings, has a new owner – Miami investment group Gencom, which purchased the property from its longtime Dallas-based owner in a deal that was finalized Thursday.
As part of the sale, Gencom also acquired the Courtyard by Marriot French Quarter/Iberville, which is connected to the Ritz-Carlton and, together, takes up almost an entire city block on the edge of the French Quarter.
The buffet at The Ritz-Carlton New Orleans’ Maison Orleans Club. A $15 million remodel of the 76 rooms and suites in the club was recently completed.
A sale price for the properties, which, together, will add 758 hotel rooms to Gencom’s portfolio, was not disclosed. But industry experts estimate the hotels, together, could have fetched as much as $265,000 per room, or more than $200 million.
In a statement announcing the deal, Gencom founder and principal Karim Alibhai said New Orleans represents a “compelling market for luxury hospitality.”
“We continue to build upon our legacy of investing in and enhancing world-class hospitality assets with this significant acquisition that expands our presence in this high-profile destination,” he said.
The Ritz-Carlton New Orleans opened in 2000 in the former Maison Blanche building, a historic Beaux Arts-era building that, in the mid-20th century, was home to the department store’s beloved Christmas character Mr. Bingle.
When the hotel opened in the newly renovated building, it ranked with the Windsor Court as one of just two five-star hotels in the city at the time.
A library invites relaxation at the Ritz-Carlton in New Orleans.
In the years since, competition has stiffened, with more luxury hotels and high-end boutique hotels opening, including the Four Seasons, the Hotel St. Vincent and Hotel Peter and Paul.
“They used to be one of the only games in town,” said local industry expert Lenny Wormser, vice president of HREC, a hotel brokerage. “There’s a lot more competition now but they have held their own and are still a top property.”
With 528 hotel rooms and suites, the Ritz-Carlton has more than 48,000 square feet of event space, a fitness center, an indoor swimming pool, and spa, as well as jazz trumpeter Jeremy Davenport’s eponymous lounge.
The adjacent Courtyard by Marriott has 230 rooms and markets itself to business and leisure travelers. Both hotels recently underwent major renovations.
A renovated room in the Ritz-Carlton New Orleans’ Maison Orleans Club. The 76 rooms and suites serve as a “hotel within a hotel” at the Canal Street property.
Both Ritz-Carlton and Courtyard by Marriott are among the 30 Marriott hotel brands. Gencom has an $8 billion portfolio that includes dozens of high-end resorts and hotels around the country, including nearly a dozen Ritz-Carlton hotels.
Gencom’s investment in the properties is a boon for the city, according to Wormser.
“They’re one of the top Ritz-Carlton owners in the country,” he said. “When they come into the market, they do good things.”
Email Stephanie Riegel at stephanie.riegel@theadvocate.com.
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