NEW ORLEANS, La – A Four Seasons hotel redevelopment in New Orleans received a funding injection of more than $300 million.
As reported by costar.com, Carpenter & Co. and Woodward Interests are redeveloping the former World Trade Center in the city into a Four Seasons property. Recently, Madison Realty approved a $316 million loan for the project.
Sitting near the Mississippi River adjacent to the famous French Quarter, the development will include 401 hotel rooms and suites, as well as about 90 private residences on the building’s upper floors.
The property will also include event space, two restaurants, an outdoor pool, and private gardens. It’s also home to Vue Orleans, a 360-degree observation deck with panoramic views of the city.
“The Four Seasons New Orleans is well positioned “to capitalize on the demand from New Orleans’ robust tourism market and expanding business district,” Josh Zegen, managing principal and co-founder of Madison Realty, said in a statement.
Madison Realty has invested in a number of other Four Seasons hotels in the South.
Recently, the company loaned $201 million for the construction of the Four Seasons Hotel and Private Residences in Fort Lauderdale, Fla., and $105 million for the acquisition and renovation of the Four Seasons Hotel Miami.