Dallas-based real estate group Ashford Hospitality Trust, Inc. acquired the Le Pavillon Hotel — the grand dame hotel on Poydras Street whose interior could be described as "baroque cruise ship" — for $62.5 million in cold, hard cash this week.
The Dallas trust announced the deal this week, while also scooping up a W Hotel in Atlanta. You can read more about the specifics of the deal here. Le Pavillon, built in 1907 and added to the National Register of Historic Places in 1991, boasts having the city's first basement and hydraulic elevators. We hope this acquisition does not signal the end of the nighty 10 o'clock milk-and-PB&J-sandwiches time.
· Ashford Trust Announces Acquisition of the Le Pavillon Hotel in New Orleans, Louisiana [MarketWatch]
· Le Pavillon Hotel website
· All Le Pavillon Hotel coverage [Curbed NOLA]