{"id":1004121300,"date":"2015-06-16T18:53:25","date_gmt":"2015-06-17T02:53:25","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=353002"},"modified":"2022-12-07T04:10:16","modified_gmt":"2022-12-07T12:10:16","slug":"ashford-trust-launches-key-money-in-nola","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashford-trust-launches-key-money-in-nola\/","title":{"rendered":"Ashford Trust Launches Key Money in NOLA"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<div id=\"attachment_353003\" class=\"wp-caption alignright\" style=\"width: 233px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Le-Pavillon-Hotel.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-353003\" title=\"Le Pavillon Hotel\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Le-Pavillon-Hotel.jpg\" alt=\"Le Pavillon Hotel\" width=\"223\" height=\"300\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Le Pavillon Hotel<\/p>\n<\/div>\n<p>Ashford Hospitality Trust Inc. has debuted its recently announced &#8220;key money&#8221; concept with the acquisition of a New Orleans luxury hotel. Ashford Trust purchased the 226-key Le Pavillon Hotel in New Orleans\u2019 CBD for $62.5 million, $4 million of which will be provided by Ashford Inc. in key money consideration. Ashford will provide further acquisition financing through a $43.75 million non-recourse, interest-only mortgage loan. The loan provides for a floating interest rate of LIBOR+5.10 percent and has a two-year term with three one-year extensions. Ashford Trust expects to elevate the property\u2019s trailing 12-month cap rate of 5.8 percent to a forward 12-month cap rate of 7.8 percent.<\/p>\n<p>Ashford Trust picked up the luxury hotel from American Financial Group Inc. Le Pavillion was owned and managed through a subsidiary of Great American Insurance Co. The seller expects to recognize a non-core after-tax gain of about $25 million on the sale. Remington Lodging has taken over as property manager.<\/p>\n<p>Built in 1907, Le Pavillion is within walking distance of the French Quarter,\u00a0Mercedes Benz Superdome, the Smoothie King Arena and the Ernest N. Morial Convention Center. Amenities include 7,800 square feet of meeting space, a year-round heated rooftop pool and an onsite Cajun and creole restaurant.<\/p>\n<p><em>Image credit: Le Pavillon Hotel via Facebook<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ashford Hospitality Trust, Inc. (Ashford Trust) has debuted its recently announced key money concept, with the acquisition of a New Orleans luxury hotel.<\/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-1004121300","post","type-post","status-publish","format-standard","hentry","category-new-orleans","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ashford Trust Launches Key Money in NOLA - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-launches-key-money-in-nola\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ashford Trust Launches Key Money in NOLA\" \/>\n<meta property=\"og:description\" content=\"Ashford Hospitality Trust, Inc. (Ashford Trust) has debuted its recently announced key money concept, with the acquisition of a New Orleans luxury hotel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-launches-key-money-in-nola\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-17T02:53:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T12:10:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Le-Pavillon-Hotel.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashford-trust-launches-key-money-in-nola\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashford-trust-launches-key-money-in-nola\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Ashford Trust Launches Key Money in NOLA\",\"datePublished\":\"2015-06-17T02:53:25+00:00\",\"dateModified\":\"2022-12-07T12:10:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashford-trust-launches-key-money-in-nola\\\/\"},\"wordCount\":219,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashford-trust-launches-key-money-in-nola\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Le-Pavillon-Hotel.jpg\",\"articleSection\":[\"New Orleans\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashford-trust-launches-key-money-in-nola\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashford-trust-launches-key-money-in-nola\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashford-trust-launches-key-money-in-nola\\\/\",\"name\":\"Ashford Trust Launches Key Money in NOLA - 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