A partnership between a Natchitoches-based hotel management company and a New York investor has acquired the high-rise Marriott hotel off Interstate-10 near College Drive for $21.8 million, and plans to begin an extensive, year-long renovation of the 300-room hotel some time this fall.
In a sale that closed Thursday, Dimensions Development of Natchitoches and Allan V. Rose through their limited liability company, Baton Rouge Hotel Investors, LLC, acquired the iconic hotel from CCMS Lodging, a real estate trust that has owned it since 2013. Dimensions President and General Counsel Greg Friedman says his company, which was founded by his father Sam Friedman, was interested in the property for several reasons.
“It’s a great location, it’s got good bones and we love the Baton Rouge market,” Friedman says.
Already, Marriott and Dimensions have retained a design team to begin drawing up plans for the overhaul of the 42-year-old hotel. It was partially renovated in 2005, but to be competitive in the high-end segment of the local hotel market needs an extensive renovation, according to Friedman, who says it’s too soon to estimate the cost. Previously, industry experts have estimated the price tag could range from between $15 million and $20 million.
Friedman hopes the hotel will remain open during the renovation, which would be done one floor at a time. However, he says he’s not sure yet if that will be possible.
The Marriott is the latest addition to the growing Dimensions portfolio. The company manages 50 hotels around the country, including the Springhill Suites at the Baton Rouge Airport, and Le Pavillon and the Intercontinental in downtown New Orleans. It has an equity stake in 25 of the properties it manages. It will own a 26% share of the Baton Rouge Marriott; Rose will own 74%.
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