An unnamed special servicer has retained Auction.com and Eastdil Secured to auction off New Orleans’ famed 693-key Astor Crowne Plaza Hotel on August 22. The hotel sits at 739 Canal Street, at the entry to the city’s French Quarter.
Bidding for the 900,000-square-foot hotel will start at $105 million, with the winning bidder having the option to enter into a new franchise agreement with InterContinental Hotels Group, rebrand it or strike out and operate it independently. The current franchise agreement with Crowne Plaza, an IHG brand, is short term.
“When you think of the French Quarter, this hotel’s iconic exterior and balconies overlooking Bourbon Street immediately come to mind,” Eastdil senior managing director Lawrence Wolfe said in a prepared statement about the auction. “The new owner will have the ability to create their own, unique vision for this exceptional asset.”
Auction.com co-CEO Eric Paulsen, meanwhile, cited the New Orleans recovery as a plus for any buyer.
“New Orleans has experienced a dramatic recovery since Hurricane Katrina and tourism is exceeding its prior peak levels,” Mr. Paulsen said. “The transparency of the Auction.com platform will ensure that the final sales price is commensurate with this re-emerging market.”