{"id":1004082331,"date":"2013-08-20T07:04:45","date_gmt":"2013-08-20T15:04:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004082331"},"modified":"2022-12-08T18:07:42","modified_gmt":"2022-12-09T02:07:42","slug":"gb-lodging-provenance-hotels-grab-165-room-ambassador-hotel-in-new-orleans","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gb-lodging-provenance-hotels-grab-165-room-ambassador-hotel-in-new-orleans\/","title":{"rendered":"GB Lodging, Provenance Hotels Grab 165-Room Ambassador Hotel in New Orleans"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Ambassador-Hotel.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004082335\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gb-lodging-provenance-hotels-grab-165-room-ambassador-hotel-in-new-orleans\/ambassador-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Ambassador-Hotel.jpg\" data-orig-size=\"528,720\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Ambassador Hotel\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Ambassador-Hotel.jpg?w=528\" class=\"alignleft size-medium wp-image-1004082335\" alt=\"Ambassador Hotel\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Ambassador-Hotel.jpg\" width=\"220\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Ambassador-Hotel.jpg 528w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Ambassador-Hotel.jpg?resize=220,300 220w\" sizes=\"auto, (max-width: 220px) 100vw, 220px\" \/><\/a>In their first transaction as partners, GB Lodging L.L.C. and Provenance Hotels have purchased the Ambassador Hotel in New Orleans, and together, the new owners will kick off an image-enhancing renovation of the 165-room lodging destination.<\/p>\n<p>Carrying the address of 535 Tchoupitoulas St., the Ambassador is housed within a structure that made its debut as a coffee warehouse in the 1880s, and the property&#8217;s origins will not be forgotten in the makeover process that will transform the asset into a three-star lifestyle property with a popular food and beverage venue. &#8220;Our design process will likely focus on creating an authentic New Orleans lodging establishment that respects and pays homage to the City and the history of the building,&#8221; Rodriguez said.<\/p>\n<p>While GB Lodging and Provenance are no strangers to successful hotel repositionings, they are both new to the Big Easy&#8211;the majority of GB Lodging&#8217;s properties are in in New York City and the bulk of Provenance&#8217;s assets are in the Pacific Northwest. However, they are well aware of the state of the city&#8217;s hotel market. &#8220;The city of New Orleans is undergoing a fundamental transformation that is positively impacting all segments of hotel demand, as well as enhancing the city\u2019s main economic drivers,&#8221; Dionis J. Rodriguez, Executive Vice President, Acquisitions &amp; Development, GB Lodging, told <i>Commercial Property Executive<\/i>. &#8220;As a result, we believe that it is the right time to invest and benefit from the expected growth of the market as whole.&#8221;<\/p>\n<p>The size of the New Orleans hotel market has rebounded to its pre-Hurricane Katrina days, as have hotel occupancy and visitation, the latter of which, in 2012, reached the highest level since 2003, according to a recent report by HVS Consulting and Valuation.<\/p>\n<p>&#8220;The key demand generators are the convention center, leisure\/tourism related to festivals, carnivals, sporting events and the general appeal of New Orleans as unique leisure destination as well as corporate travelers,&#8221; Rodriguez added. &#8220;Projects underway, such as the $2 billion biotechnology campus, will further diversify the base of hotel demand and enhance the market\u2019s performance.&#8221;<\/p>\n<p>GB Lodging and Provenance expect to complete the renovation of the Ambassador in the fall of 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In their first transaction as partners, GB Lodging and Provenance Hotels have purchased the Ambassador Hotel in New Orleans, and together, the new owners will kick off an image-enhancing renovation of the 165-room lodging destination.<\/p>\n","protected":false},"author":969,"featured_media":1004082335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,1599,21742],"tags":[],"class_list":["post-1004082331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-new-orleans","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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