Inland Shells Out $74.5M For Loews New Orleans Hotel

Law360, New York (October 15, 2013, 7:27 PM EDT) -- Making its first investment into a Loews Hotels & Resorts-flagged property, Inland American Real Estate Trust Inc's hotel arm has scooped up a New Orleans property for $74.5 million, according to a Monday statement.

Per the deal, which values the hotel's 285 rooms at about $261,000 a pop, Loews will stay on as manager of the property, Inland American Lodging Group Inc. said. It will be financed by a mix of cash and debt, Dan Lombardo, a spokesman for Inland, told Law360.

For IALA, the buy...
To view the full article, register now.