The Q&C Hotel in the heart of New Orlean's Central Business District has a new owner, and it is its third one for the past two years. The 12-story, two-building property was purchased by a California-based real estate trust for $51.2 million, following a full renovation conducted by the previous owners, Nola reports for The Times-Picayune.
According to KBS Strategic Opportunity REIT II who partnered with Encore Hospitality of Dallas, the purchase has been made in a plan to turn it into a luxury hotel under the branding of Marriott International's Autograph collection, and the hotel at 344 Camp St. will be managed by Encore Hospitality.
Previously known as the Queen & Crescent, the 102-year-old building has gone through several renovations with one done last year by the previous owner, Northview Hotel Group and Apollo Global Management, which purchased the property in October 2013 for $20.8 million. In January 2013, the hotel was under the hands of C-III Capital Partners of New York which bought the property for $12.5 million from Warren Reuthe Jr. in January 2013.
It was in the later part of 2014 that it reopened as Q&C Hotel.
"We are thrilled to acquire the Q&C Hotel in the dynamic market of New Orleans," KBS Executive Vice President Brian Ragsdale said in a news release. "We believe New Orleans' robust tourism industry coupled with the property's recent renovations will make it a strong asset."
The new Q&C Hotel boasts its 196 guest rooms and a meeting space that comes at a flexible 2,6000 square feet. It also houses the Q&C Bar which specializes in craft cocktails and reinvented pub food.
Belonging to the Autograph Collection Property, guests looking to book in Q&C Hotel will not only be able to connect to Marriott's worldwide reservation system, but as well as their frequent traveler program which has a total of 54 million members, mentioned in the news release.
