Wyndham Garden New Orleans Airport

OFFERING OVERVIEW:

The property at 6401 Veterans Memorial Blvd, Metairie, LA, is a 7-story, 223-room, interior-corridor hotel located directly off Interstate-10. The subject property was built in 1970 and is situated on approximately 3.17+/- acres of land. The property is roughly 4.8 miles from Louis Armstrong New Orleans International Airport and 10.6 miles from Downtown New Orleans. A property with strong historical revenues and the ability to up-flag.

PROPERTY CONDITION:

The Wyndham Garden was renovated in 2019 before being shut down following Hurricane Ida in 2021. Most of the property has been gutted, and it is estimated to cost approximately $5.5MM+/- to bring the property back to operational condition as a Wyndham Garden. It is estimated to cost approximately $9.9MM+/- to reposition the property to Four Points by Sheraton (Marriott). The property includes a bar/kitchen and 5,565+/- square feet of meeting space.

MARKET OVERVIEW:

New Orleans, the largest city in Louisiana, is renowned as one of the country’s most significant ports, a major tourist destination, and a medical, industrial, and educational center. New Orleans is home to over 130 unique festivals and events. Throughout the year, tourists can join along in celebrating everything from food and culture to neighborhoods and holidays. Megafestivals like Jazz Fest, ESSENCE, French Quarter Festival, and Mardi Gras are world-renowned and highly attended. Additionally, New Orleans is set to host the Super Bowl LIX in February of 2025.

UPSIDE POTENTIAL:

The location presents the opportunity to capture airport contracts while also being able to accommodate corporate travelers, tourists, cruise ship vacationers, etc. An investor will have the opportunity to completed remodel the property back to Wyndham Garden standards or push the envelope further to capture and re-establish the property with an available Marriott flag. Additionally, there is ample space on site to lease out space to a chef to bring local cuisine to overnight travelers. The property was offered well below replacement cost and unencumbered by management and brand in a high barrier to entry market.

Property Highlights:

• 223 Rooms / 7 Stories / Interior Corridor

• Consistently Ranks as a Top Travel Destination Worldwide

• High Barrier to Entry CBD/French Quarter Submarket • Strong Year-Round Demand

• Marriott Flag Available – Four Points

• Over 130 Unique Festivals and Events