Laurus Corporation Completes $2.7 Million Hotel Renovation and Rebranding --Former Ramada Suites Hotel at New Orleans Airport converted to Holiday Inn Express--
NEW ORLEANS, April 16, 2013 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, announced that it has completed the $2.7 million renovation of the Ramada Suites Hotel at New Orleans Airport and branded the facility as a Holiday Inn Express. The renovation included a complete overhaul of the guestrooms, public areas, exterior facade and landscaping. Additionally, a new management agreement was signed with a local management company to improve overall guest satisfaction and performance.
Laurus Corporation acquired the 130-room lodging establishment in March 2012. Situated at the entrance of James Business Park, an upscale, 200-acre business park offering more than two million square feet of commercial space, the hotel is immediately adjacent to the Louis Armstrong New Orleans International Airport, which serves approximately 9.7 million passengers per year, nearly all of them non-connecting travelers.
"In 2012, the number of visitors statewide was projected to reach 24.8 million people with total visitor spending estimated at $9.1 billion," said Philip Cyburt, Chief Executive Officer of Laurus Corporation. "The hotel's proximity to a bustling airport and its location in a vigorously recovering market will make it a prime destination for visitors."
"The extensive renovation program will enhance the hotel's brand in a well-performing marketplace as well as increase the asset's performing value," said Austin Khan, Chief Investment Officer of Laurus Corporation.
Exterior renovations include a new pool deck, courtyard deck and fountain, landscaping surrounding the property and a new paint job. The lobby, breakfast area and conference rooms feature new flooring, light fixtures, window treatments, furniture and televisions. Guestrooms will showcase new flooring, furniture, lighting and window treatments, and upgraded fixtures in the guest bathrooms.
The hotel features 3,000 square feet of meeting space, two on-site restaurants, a 189-car parking lot, and one of the best fitness and business centers among its competitors.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.
1880 Century Park East, Suite 1016
Los Angeles, CA 90067
Phone: (310) 277-8600
Fax: (310) 362-0353
SOURCE Laurus Corporation