TriGate Capital Partnership Purchases Hotel in New Orleans, LA
DALLAS, TEXAS – TriGate Capital, with partner Stout Street Hospitality, has acquired a 97-room boutique hotel in New Orleans. The soon to be reflagged “Magnolia” is located within New Orleans’ CBD and is walkable to city’s major tourist destinations. TriGate will reflag the hotel as a Magnolia, a franchise owned by Stout Street, upon completion of a comprehensive renovation. In the interim, the hotel will operate as the Royal Crescent Hotel.
TriGate’s Matt Rooney commented, “The hotel is well positioned in one of the strongest hospitality markets in the US. It will continue to gain market share after the renovation is complete. The outlook for increased demand in New Orleans looks positive with increased tourism activity and billion-dollar expansions of both the airport and the convention center.”
TriGate would like to thank HFF’s John Bourret who brokered the hotel on behalf of the seller.
About TriGate Capital
TriGate Capital, LLC (TriGate) is a leading real estate investment manager focused on the recapitalization and repositioning of real estate assets and companies. TriGate is based in Dallas, TX and has completed investments throughout the United States.
TriGate manages three fully discretionary real estate funds, TriGate Property Partners, LP (Fund I), TriGate Property Partners II, LP (Fund II) and TriGate Property Partners III, L.P. (Fund III), which are the vehicles through which TriGate conducts its investment strategy. Fund I and Fund II are fully invested and Fund III is presently in its investment period. TriGate purchased the Property through its current investment vehicle – TriGate Property Partners III, LLC – which closed fundraising in 2016 with $340 million of equity commitments.
TriGate’s team has been responsible for acquiring over $11 billion of real estate assets through multiple types of transaction structures. The Company’s professionals have significant expertise in real estate operations, debt restructuring, and asset and company recapitalization. Additionally, the team has extensive expertise in real estate asset selection and structuring transactions to weather different stages in the real estate investment cycle.