NEW ORLEANS--(EON: Enhanced Online News)--Northview Hotel Group, in partnership with a fund managed by Apollo Global Management, LLC (NYSE:APO), has acquired The Queen & Crescent Hotel, at 344 Camp St. in New Orleans, LA. The acquisition marks the partnership’s second hospitality joint venture in six months.
“Northview continues to see attractive value-add investment opportunities in the U.S. lodging market. We plan to expand our portfolio aggressively in the next 12 months”
The Queen & Crescent is located in New Orleans’ Central Business District just three blocks from the French Quarter and features 196 guestrooms and 2,600 square feet of meeting space. The REO property was acquired by the partnership directly from the servicer. Northview’s plan is to execute an extensive renovation of the hotel in 2013 and 2014, and to re-open as a completely repositioned hotel in Fall 2014. NVHG Management, Northview Hotel Group’s operating arm, will operate the Hotel and oversee the completion of the renovation project.
Commenting on the acquisition, Northview Partner Simon Hallgarten said: “The purchase of the Queen and Crescent represented a unique opportunity to acquire an underperforming hotel located in the heart of one of the most vibrant lodging markets in the U.S. Over the next 12 months, we plan to execute a transformative renovation and strategic repositioning plan, which in conjunction with the installation of our management personnel, tools, and systems, we believe should maximize the value of the asset.”
The Queen & Crescent purchase marks Northview’s fourth acquisition since mid-2012. “Northview continues to see attractive value-add investment opportunities in the U.S. lodging market. We plan to expand our portfolio aggressively in the next 12 months,” adds Northview Partner, Matt Trevenen. In May, 2012, Northview acquired Sanderling Resort & Spa, a picturesque oceanfront resort in the Outer Banks of North Carolina. In September, 2012, the firm acquired the Sheraton hotel in downtown Raleigh, North Carolina. In February, 2013, Northview partnered with a fund managed by Apollo Global Management, LLC to acquire The Beach House Hilton Head, a beachfront hotel in Hilton Head, South Carolina. All four transactions include a major renovation component and a strategic re-positioning program implemented by Northview’s construction management and operational teams.
About Northview Hotel Group
Northview Hotel Group, led by Mark Mance, Simon Hallgarten, David Zeuske, and Matt Trevenen, was formed to make opportunistic hotel investments and to provide hotel management, asset management, and construction management services for owners and co-investors.
Since forming in 2004, Northview has purchased over $680 million of lodging assets, and overseen renovation projects in excess of $110 million. Northview Hotel Group has a portfolio of twelve unique properties ranging from small independent resorts to large urban branded hotels. The acquisition of The Queen & Crescent Hotel marks Northview’s fourth acquisition in the last eighteen months. For more information, please visit www.nvhg.com.