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Avison Young Lists Alder Hotel - New Orleans, LAJanuary 5, 2022
Avison Young Hospitality Group is pleased to offer the leasehold interest in the 10-story, 90 room Alder Hotel located in the Uptown area of New Orleans LA. The property is located on the campus of Ochsner Baptist Medical Hospital and steps from Freret street corridor, a frequented dining, leisure, and shopping destination for tourists, corporate clientele, and college students, staff, and parents from Tulane and Loyola Universities. The two universities are less than a mile away from the Alder Hotel.
The Alder is located on the leased land owned by the Ochsner Clinic Foundation that started September of 2015 and expires December 31, 2065, with four renewal options for ten years each. The land lease started at $28,800 per year and increases every five years at the lower rate of, 7.5% or the price index. Leased payments increased in 2020 to $30,960 and will remain at that level until 2025 where it will increase to $33,282 for the next five years and so forth at five-year increments until the end of the lease term. Included in the lease are 65 dedicated parking spaces in the surface lot across the street from the hotel.
2019 performance was 82% at $127 and for the trailing 12 months through October 2021, the property has rebounded from the pandemic with 2022 projected year to be at or above 2019 performance. Primary demand for the hotel comes from leisure, college sports, corporate, adjacent Baptist Medical Hospital, and Tulane and Loyola universities. The design of the hotel public space and room decor is in the theme of mid-century modern and the hotel is not currently affiliated with any brand. Hotel amenities include a 450 square foot meeting area, grab-and-go market pantry, outdoor swimming pool, and guest laundry.
- 90 Non-smoking guestrooms
- Ten-Story, Interior Corridor
- Located on the campus of Ochsner Baptist Medical Hospital in the Uptown area of New Orleans
- Near the Freret Street corridor
If you would like more information on this offering please get in touch: