Clearview Hotel Capital, LLC and Starr International USA Investments LC Acquire 494-room JW Marriott, New Orleans, LA
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Clearview Hotel Capital, LLC and Starr International USA Investments LC Acquire 494-room JW Marriott, New Orleans, LA
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2008-01-25
Clearview Hotel Capital,
LLC, along with Starr International Company, Inc. through its subsidiary
Starr International USA Investments LC ("Starr"), announced it has
completed the acquisition of the 494-room JW Marriott located in New
Orleans, Louisiana from Ashford Hospitality Trust ("Ashford"). The Hotel
will continue to be managed by Marriott International ("Marriott").
The JW Marriott opened in June 1984 as a Le Meridien and was converted
to the JW Marriott brand in April 2003, following a significant renovation.
The property was acquired by Ashford in April 2007, as part of a
59-property, $2.4 billion transaction.
The 31-story property contains a Shula's Steak House, 19,000 square
feet of indoor meeting and banquet space, a fitness center, a rooftop
outdoor swimming pool, a parking garage, and a business center. The
property is located at 614 Canal Street, one block south of Bourbon Street.
Jon D. Kline, Clearview Hotel Capital's Founder and President, stated,
"We are believers in the robust recovery of New Orleans as a convention and
travel destination. The city's unique heritage and culture distinguish it
from other leading convention cities ... there is only one French Quarter.
The confluence of the initiatives being driven by the City, the CVB, and
Marriott has sparked the beginning of a recovery that we expect to gather
strength over the next few years."
Diane Yep from Starr stated, "The city of New Orleans and the region of
Southern Louisiana have great appeal because of their rich culture,
superior restaurants and entertainment, vivid history and people. Starr is
looking forward to actively participating in the dramatic, continuing
recovery and growth of both New Orleans and Louisiana from Hurricane
Katrina to allow the region to reclaim its position as a pre-eminent
business and entertainment destination. Starr believes that Clearview, with
its significant hotel investment experience, will be a great partner for us
in this transaction. Starr looks forward to working with Marriott, along
with the JW Marriott's already impressive management and operations teams."
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