Posted: Jun 14, 2013 8:27 AM by AP
NEW ORLEANS (AP) - A Dallas-based company says it has bought the Cotton Exchange Hotel at a foreclosure sale for $17.8 million.
Mehul Patel, chairman and CEO of NewcrestImage LLC, tells The Times-Picayune that his company is in talks with several hotel chains about rebranding the hotel.
Patel said Thursday that the company bought the 223-room property on June 6 in a sealed-bid process.
He says NewcrestImage plans a $10 million renovation - two floors at a time, so the eight-story hotel will continue to operate.
The building was completed in 1921, according to the National Register of Historic Places. The exchange dissolved in the 1960s as the cotton futures market evaporated. The exchange sold the building in 1962.