The Roosevelt Hotel New Orleans
Address
130 Roosevelt Way
New Orleans, LA 70112
Census Tract
Poverty Rate
Median Income
Total Project Cost
Federal NMTC Financing
State NMTC Financing
Project Completion
Overview
Ravaged by hurricane Katrina, the then Fairmont was closed in 2005. Facing rising renovation costs, the owners sold the gutted hotel to First Class Hotels, headed by Neil Freeman and Sam Friedman of Dimension Development Company. The team sought to restore and reopen the landmark as a Waldorf Astoria Collection Hotel.
Project Financing
The financing for the acquisition and renovation of the 500-room historic hotel included senior construction debt, as well as both Federal and State Historic and New Markets Tax Credits. Aries Capital structured and syndicated the tax credits and arranged interim financing to bridge the funding gap prior to monetizing the credits. The hotel reopened in 2008. In 2015, the borrowers returned to refinance the now thriving property to a 10-year, fixed-rate loan.
Community Impact
The transformation created hundreds of jobs and continues to generate increased property and sales tax for the city and state. A tourist destination in itself, the hotel has been repeatedly voted the number one Waldorf Astoria in the world by Hilton Worldwide.
