Covering Louisiana

Jul 22, 2014 4:44 PM by associated press

New Orleans hotel sells for $10.75M

A New York real estate investment firm has made its first foray into the New Orleans market with the purchase of a downtown hotel.

New Orleans CityBusiness reported Tuesday that the Garrison Investment Group purchased the O'Keefe Plaza Hotel on July 11 for $10.75 million from the Chauhan and Kansagra families.

The six-story property at 334 O'Keefe Ave. has 129 rooms.

Orleans Civil Court records show a city lien had been placed on the property in May for unpaid sales and use taxes dating back to 2006. Laxmi Hotel LLC, the ownership entity, owed $58,250 in taxes. With interest, penalties and audit costs added, the debt comes to $108,815.

A representative with Garrison did not return messages, and the sellers could not be reached for comment.

Garrison's holdings include 22 hotels in 11 states, 26 industrial properties, 15 office buildings and a retail portfolio with 40 properties in 15 states. It owns Louisiana Boardwalk, an outlet mall in Shreveport.

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