the nation’s leading online real estate marketplace, and Eastdil
Secured, the nation’s preeminent investment banking firm, will auction
the Astor Crowne Plaza Hotel, located at the gateway of New Orleans’
historic French Quarter, on Aug. 22.
Situated at the corner of Bourbon and Canal streets, near many of the
city’s major tourist attractions, the 14-story, four-diamond hotel is
one of New Orleans’ most distinctive properties. It will be sold to the
highest bidder above the auction’s minimum bid of $105 million.
“When you think of the French Quarter, this hotel’s iconic exterior and
balconies overlooking Bourbon Street immediately come to mind. The new
owner will have the ability to create their own, unique vision for this
exceptional asset,” said Lawrence Wolfe, senior managing director,
While the 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
The 900,000-square-foot hotel has 693 guestrooms, ballroom and meeting
space totaling more than 32,000 square feet, and outdoor balconies
overlooking Bourbon Street. The property is also home to the world
famous Dickie Brennan's Bourbon House Restaurant.
In 2010, a multi-million-dollar renovation of both towers upgraded
guestrooms and bathrooms, expanded the executive club, and renovated the
fitness center and meeting space. As a result, the property is
well-positioned for long-term profitability.
“New Orleans has experienced a dramatic recovery since Hurricane Katrina
and tourism is exceeding its prior peak levels. The transparency of the
Auction.com platform will ensure that the final sales price is
commensurate with this re-emerging market,” Eric Paulsen, Auction.com
Eastdil Secured and Auction.com Commercial 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.