The Roosevelt Hotel New Orleans


130 Roosevelt Way

New Orleans, LA 70112

Census Tract

Poverty Rate

Median Income

Total Project Cost

Federal NMTC Financing

State NMTC Financing

Project Completion

The Roosevelt Hotel New Orleans


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.

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