Auction.com and the investment banking firm Eastdil Secured have announced their plan to hold an Aug. 22 auction for the four-diamond-rated Astor Crowne Plaza Hotel, located in New Orleans' historic French Quarter. The property will be sold to the highest bidder offering above the auction's minimum bid of $105 million.
According to the companies, the 14-story hotel is currently operated under a short-term franchise agreement with Crowne Plaza. A new owner will have the ability to enter into a new franchise agreement, rebrand the hotel or operate it as an independent property. The hotel – which has 693 guestrooms, plus more than 32,000 square feet of ballroom and meeting space and the famous Dickie Brennan's Bourbon House Restaurant – underwent a multimillion-dollar renovation in 2010.
Eastdil Secured and Auction.com have been engaged on an exclusive basis by a major special servicer to solicit offers for the property. Bidders must pre-register with Auction.com and provide a deposit of $750,000.
‘When you think of the French Quarter, this hotel's iconic exterior and balconies overlooking Bourbon Street immediately come to mind,’ says Lawrence Wolfe, senior managing director at Eastdil Secured. ‘The new owner will have the ability to create their own, unique vision for this exceptional asset.’