By Adelina Osan, Associate Editor
Cotton Exchange Investment Properties LLC, an affiliate of Pacific Hospitality Group, acquired the first AC Hotel by Marriott in North America.
The 220-room hotel is located in the historic Cotton Exchange building in downtown New Orleans, in close proximity to a range of dining and shopping venues in the city’s most iconic neighborhood. Boasting sweeping city views, the 8-story European-inspired boutique hotel offers a long list of guest amenities such as fitness center, business center, laundry facility, and over 2,200 square feet of meeting space, including the 1,901-square-foot ballroom.
“AC New Orleans is our first of many acquisitions into the high-end select service space whose new leader is AC Hotel by Marriott. This new lifestyle brand nicely complements our luxury hotels within the Meritage Collection and provides us the opportunity to diversify into new growth markets,” said in prepared remarks Kory Kramer, chief investment officer of Pacific Hospitality Group.
Bill Hodges and Michael DiPrima of Hodges Ward Elliott provided advisory services on the transaction. The Busch Firm and Stone Pigman provided legal counseling for the buyer, while Akin Gump advised the seller in the transaction.
Image courtesy of AC Hotel New Orleans Bourbon/French Quarter Area