By Adrian Maties, Associate Editor
Baton Rouge is getting a new hotel. According to The Greater Baton Rouge Business Report, local real estate developer Mike Wampold has broken ground on the redevelopment of the 12-story the old Louisiana National Bank Building. The property is located at 150 N. Third St. in the city’s downtown. He plans to turn the 88-year-old building into a 146-room hotel.
Mike Wampold purchased the property in 2013, from the Baton Rouge Area Foundation, for $10.25 million. And last year, he applied for state incentives for the project. The State Senate approved his request last year and a special tax increment financing district, called dubbed Old LNB Building Redevelopment District, was created. The Metro Council signed off on the TIF earlier this year.
The cost of the project was not disclosed. Wampold did not reveal what flag will fly at the hotel but he did tell The Greater Baton Rouge Business Report that he hopes to announce a franchise agreement with a national chain in the next couple of weeks. The new hotel will be owned by the Milford Wampold Charitable Foundation. All of its profits will go to the foundation.
According to Marcus & Millichap’s 2015 Hotel Outlook, the number of rooms under construction in Louisiana has climbed steadily over the past two years. The same trend has occurred in Mississippi, while in Alabama hotel construction remained steady. Currently, nearly 5,900 rooms are under construction in the three states, with 2,400 of them located in Louisiana.
Charts courtesy of Marcus & Millichap.