ADVOCATE STAFF REPORT | Jan. 8, 2016; 4:14 p.m. | The Advocate
The century-old Q&C Hotel in the Central Business District has been sold for $51.2 million.
The 12-story, two-building hotel, located at 344 Camp St., was sold to Encore Hospitality LLC, a subsidiary of Texas-based Encore Enterprises Inc., in a joint venture with KBS Strategic Opportunity REIT II, a California-based real estate investment trust.
The hotel was sold by Northview Hotel Group, of Connecticut, which purchased it in 2013, when it was known as the Queen & Crescent. KBS announced the acquisition Dec. 22.
“The Q&C Hotel/Bar is a historical landmark of New Orleans, and we intend on extending its legacy as a cornerstone for business and leisure travelers, as well as serving as one of the city’s premier wedding venues,” said Bharat Sangani, chairman of Encore Enterprises.
Built in 1913 and fully renovated in 2014, the Q&C Hotel features 196 guest rooms, a bar and restaurant, as well as 2,600 square feet of meeting space.
The hotel will be branded under Marriott’s Autograph Collection of hotels, a lineup of iconic, independent properties.
“We are thrilled to acquire the Q&C Hotel in the dynamic market of New Orleans,” said Brian Ragsdale, executive vice president at KBS. “We believe New Orleans’ robust tourism industry, coupled with the property’s recent renovations, will make it a strong asset in the KBS Strategic Opportunity REIT II portfolio.”
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.