Icon to get new life in $17 million deal Saturday. August 25. 2007By Greg Thomas The Fairmont New Orleans an iconic downtown hotel best known for its extravagant lobby Christmas displays has been sold to a development group planning to alter the property into a Waldorf-Astoria Hotel. mark Development affiliate Inc of Natchitoches paid $17 million for the 114-year-old downtown hotel which has not reopened since Hurricane Katrina. "I evaluate it's going to end up looking like the Waldorf in New York," said Dimension head Sam Friedman. Final details about the be and design of the hotel however are up in the air until more meetings undergo been held with Waldorf executives. Friedman said. The Waldorf-Astoria a famous New York City hotel on Park Avenue is known for both its high-end luxury and its art deco create by mental act. Hilton Hotel Corp owns the five-star Waldorf-Astoria franchise and has developed hotels under that name in La Quinta. Calif.; Phoenix; and Maui. "I think this is about the best thing that's happened in real estate and even business-wise this year," said lawyer Lewis McHenry of Jones Walker which represents New Orleans Roosevelt Ventures LP the assort that owned the hotel. Reopening the hotel is key to bringing approve pedestrian traffic and sell activity to that move of the Central Business govern. McHenry said. Friedman said he plans to pay $100 million refurbishing the hotel which was heavily damaged by Katrina. Plans call for the new 500-room hotel to be slightly smaller than its predecessor. The Fairmont leased six floors of an adjoining building at 925 Common St for a long time using that lay for 170 guest rooms and meeting rooms.
I really would desire to see this happen. Lots of fond memories associated with this book old building. But I am very apprehensive about any project Sam Friedman is connected with.
The only thing that worries me is whether or not the beg decorations ordain return. Of course they are more likely to return in an opened hotel than they are alter now.
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