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The Plasencia Group Advises the Verandah Group on the Disposition of Five New Orleans-Area Hotels

By March 14, 2013Press Releases

Tampa, FL – The Plasencia Group (TPG) is pleased to announce the sale of a five-property portfolio of Marriott-branded hotels totaling 823 rooms on behalf of affiliates of The Verandah Group, based in New Orleans. Summit Hotel Properties, Inc. (NYSE:INN), a publicly-traded real estate investment trust based in Austin, Texas, acquired the portfolio for approximately $135 million.

Lou Plasencia, CEO of The Plasencia Group, commented, “Summit has acquired a well-positioned group of hotels in the New Orleans metro area. Buying convention-related properties in New Orleans, as well as those in the city’s suburbs, offers the Summit excellent diversity from the corporate, convention and leisure demand segments.”

Robert Wiemer, Jr., who coordinated the marketing effort on behalf of The Plasencia Group, stated, “The five properties are in outstanding condition and are located in a city that is about to experience some of the best years its lodging industry has ever had. The sellers have been excellent stewards of the five hotels.”

The portfolio consists of five Marriott-branded properties located in Louisiana. They are the 153-room Courtyard by Marriott, in Metairie; the 120-room Residence Inn by Marriott, also in Metairie; the 202 room Courtyard by Marriott, near the New Orleans Ernest N. Morial Convention Center; the 208-room SpringHill Suites by Marriott, also near the convention center; and the 140-room Courtyard by Marriott, on St. Charles Avenue just off Canal Street, in New Orleans’ central business district.

Since 2000, The Plasencia Group has been engaged to sell over 25 different portfolios of hotel assets and debt instruments for some of the most respected names in the real estate and hospitality industries. These portfolios total more than 33,000 rooms across 22 states, and include resorts, urban center hotels, all-suite properties, independents, and both full- and select-service brands.

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