A Colorado-based hospitality firm has entered the New Orleans market with its recent acquisition of the Embassy Suites New Orleans Convention Center hotel.
Stonebridge Companies completed the transaction on Nov. 14, according to the Orleans Parish Assessor’s Office. The purchase price was not disclosed.
Stonebridge, which will be the property owner and operator of the 280-room hotel, made the acquisition in partnership with an affiliate of Chicago-based private equity real estate investment firm Walton Street Capital, a news release said.
The hotel at 315 Julia St. is located near the Ernest N. Morial Convention Center and is under the Hilton umbrella. It has a fitness center, pool, restaurant, a business center and more than 8,000 square feet of meeting and event space.
A spokeswoman said the new owners plan to renovate the property, although details and a timeline have not been determined.
The 65 employees working at the hotel will become part of Stonebridge Companies, the news release said.
Founded in 1991, Stonebridge is headquartered in Denver and has 60 hotels in markets around the U.S., including Embassy Suites properties in Anchorage, Alaska and Austin, Texas. The company employs more than 3,000 associate.