Sonesta to buy New Orleans hotel
March 27, 2007 02:14 PM
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Sonesta International Hotels Corp. has agreed to buy the Chateau Sonesta Hotel in New Orleans for about $18 million.
The deal is expected to close within 60 days, Boston-based Sonesta said today.
Sonesta said it has operated the 250-room French Quarter hotel since it opened in April 1995.
The company will assume an existing first mortgage loan with a principal balance of about $13.4 million.
Sonesta, which owns hotels in the United States, Brazil, Egypt, and Peru, among other countries, plans to upgrade the New Orleans property.
(AP)
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