TriGate Completes Strategic Recap of New Orleans Hotel
TriGate Capital, LLC (“TriGate”), a leading middle-market real estate investment manager, successfully recapitalized a 101-key hotel in New Orleans. The hotel, located at the intersection of Camp and Gravier Streets, is well positioned within the CBD and accessible to many of New Orleans’ most popular culinary, tourist and business destinations – The French Quarter, Riverfront, Superdome, Convention Center, National WWII Museum, Frenchmen Street, and Harrah’s Casino.
As part of the recapitalization, TriGate is retiring existing debt, planning extensive renovations, and bringing on a new management team. TriGate will invest over $5M of capital into the asset to renovate rooms and bathrooms, add a new restaurant called Lyons Corner, make exterior and interior enhancements including a new garden, fitness center, and sundeck, among other things. The hotel will be renamed Hotel Theo – a name honoring Theo H. Lyons, founder of a prominent pharmaceutical company called I.L. Lyons & Co. that built the building – and operate as a Hilton Tapestry.
“TriGate is excited about the future of Hotel Theo. Aligning TriGate’s capital investment with Hilton’s loyalty program and global distribution network will allow the hotel to reach its full potential in a recovering New Orleans market”, said Matt Rooney, Managing Director at TriGate, who led the recapitalization effort. “New Orleans was hit particularly hard by the pandemic. Now that the recovery is in full swing, TriGate has conviction the city can succeed especially in light of its plans for Super Bowl LIX, its $550M Convention Center upgrade, and its public policy that have made the CBD welcoming again.”
TCOR - led by Tom and Joe Corcoran, and Debbie Feldman – is TriGate’s partner and locally-based Raines is the new manager. The transaction closed in July and the hotel will be rebranded and operating within the Hilton reservation by the Fall of 2024. To book, please visit our website at www.hoteltheoneworleans.com .