The New Orleans-based real estate developer HRI Properties, which owns a sizable chunk of hotels and apartment buildings here and beyond, is poised to get even bigger. The New York investment firm Almanac Realty Investors has committed additional financial backing to the company.
On top of an initial investment of $150 million in 2014, the firm is investing an extra $50 million in additional growth capital.
HRI has many projects in the pipeline in New Orleans, including the construction of a Homewood Suites hotel in the French Quarter and a conversion of the former Iberville public housing project into a mixed-income development.
Recently, HRI completed an outpost of the Aloft Hotel chain in the CBD and had a change in leadership, with Pres Kabacoff stepping down as CEO and Tom Leonhard replacing him (Kabacoff now serves as chairnman).
• HRI Properties getting additional $50 million for growth [The Advocate]
• HRI Properties secures additional backing for future development [CityBusiness]