NEW ORLEANS MARKET RECOVERY: CONVENTION CENTER PACE

The New Orleans Convention Center pace for 2024 finished the year up 11.2% versus prior year, benefitting from nine 2,500+ room night peak events in the second half of the year (as compared to only one of that size in the second half of 2023). In 2025, pace is projected to reach ~95% of pre-COVID levels. The following years (2026, 2027, 2028, 2029 and 2030) are pacing well ahead of pre-COVID levels, setting up one of the strongest 5+ year runs for convention business in the history of the market.

VASTLY IMPROVED SUPPLY DYNAMIC

Prior to the pandemic, 1,946 new keys delivered in the New Orleans CBD/French Quarter submarket, representing a 7.5% increase in supply from 2016 to 2019. Currently, the only major hotel under construction downtown is 250-room Fairmont at 1010 Common Street.

Additionally, recently enacted laws designed to limit short-term rentals should remove more than 5,000 rooms from shadow inventory. This minimal supply pipeline, combined with the previously highlighted group demand will afford hotel owners significant pricing power in the coming years.

UNENCUMBERED OF MANAGEMENT

The AC is being offered free of management and inclusive of a long-term Marriott franchise.

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Exclusive Representatives

Austin Brooks
Managing Director
abrooks@hodgeswardelliott.com

Jeff Berkman
Director
jberkman@hodgeswardelliott.com

Clint Hodges
Managing Director
chodges@hodgeswardelliott.com

Acquisition Financing Advisors

Michael Britvan
Managing Director
mbritvan@hodgeswardelliott.com

Coby Campbell
Senior Vice President
ccampbell@hodgeswardelliott.com