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March 23, 2018

Holiday Inn Express in New Orleans' Central Business District sold for $21 million

Source: http://www.theadvocate.com

A Holiday Inn Express in the heart of the Central Business District has been sold for $21 million to Austin-based JMI Realty, a private real estate investment and development company, Orleans Parish land records show.

The 129-room, six-floor hotel is located at 334 O'Keefe Ave. It was sold by Garrison Investment Group, a real estate investment firm in New York, which bought it for $10.75 million in 2014.

The latest sale was recorded in parish records Dec. 20.

Gregory Clay, president of JMI Realty, said in an email that his firm hopes to acquire additional local properties in the coming year.

"NOLA is poised to have a very good 2018 and we have long-term confidence in the city," Clay said.