{"id":1004115471,"date":"2015-03-16T05:40:48","date_gmt":"2015-03-16T13:40:48","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=331243"},"modified":"2020-04-23T00:48:37","modified_gmt":"2020-04-23T08:48:37","slug":"laurus-corp-sells-repositioned-holiday-inn-express-for-15-8m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/laurus-corp-sells-repositioned-holiday-inn-express-for-15-8m\/","title":{"rendered":"Laurus Corp. Sells Repositioned Holiday Inn Express for $15.8M"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Holiday Inn Express & Suites New Orleans Airport South<\/p>\n<\/div>\n

Real estate investment and development firm Laurus Corp. has announced the $15.3 million sale of the Holiday Inn Express & Suites \u2013 New Orleans Airport South, having achieved a 33.5 percent internal rate of return and 2.3 times equity multiple in less than three years of ownership.<\/p>\n

Laurus purchased the 130-key property in March 2012 and kicked off a renovation and repositioning<\/a> project. The property was completely refurbished, including the guestrooms; public areas including the lobby, conference room and breakfast area; exterior fa\u00e7ade; as well as a new courtyard deck, pool deck and landscaping. Hotel amenities now include 3,800 square feet of meeting space, a fitness center, an outdoor pool and a business center. The renovation had a price tag of $2.7 million and\u00a0earned high accolades, earning the InterContinental Hotels Group 2013 Renovation Award.<\/p>\n

Laurus\u2019 repositioning strategy also included a rebranding of the property, from Ramada Suites to Holiday Inn Express & Suites. The company also selected a new hotel management company for the property. The combined effort of the new management company, Laurus\u2019 asset management team and the extensive renovation resulted in a five-fold increase in the hotel\u2019s net operating income.<\/p>\n

\u201cWe were able to exceed our pro forma numbers on every key metric, including cash yield and IRR, and monetized two years ahead of our originally targeted exit date,\u201d said Austin Khan, Laurus’\u00a0chief investment officer.<\/p>\n

Holiday Inn Express & Suites \u2013 New Orleans Airport South enjoys a highly visible location at the entrance of the 200-acre, Class A James Business Park, which features more than 2 million square feet of commercial space. The hotel is in close proximity to Louis Armstrong International Airport, which serves 9.7 million travelers a year and is currently undergoing an $826 million, 30-gate expansion.<\/p>\n

Click here<\/a> for further New Orleans market data.<\/em><\/p>\n

Image courtesy of Laurus Corp.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate investment and development firm Laurus Corporation has announced the $15.3 million sale of the Holiday Inn Express & Suites – New Orleans Airport South, marking a 33.5 percent internal rate of return (IRR) and 2.3 times equity multiple in less than three years of ownership.<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1599,21742],"tags":[],"class_list":["post-1004115471","post","type-post","status-publish","format-standard","hentry","category-new-orleans","category-latest"],"acf":[],"yoast_head":"\nLaurus Corp. 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